ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Sunday said the government is currently trying to reduce the trade deficit to stabilize the rupee against the dollar.
Miftah said that for the last three months, efforts have been made to reduce imports and the results are now coming out.
Imports in this month of July reached $5 billion dollars, which was 7.7 billion dollars in the previous month of June 2022.
Federal Minister for Finance and Revenue Miftah Ismail expressed these views while addressing the press conference along-with Prime Minister’s Coordinator on Economy, Bilal Azhar Kayani.
Thus, compared to the previous month, imports decreased by $2.7 billion dollars during the month of July 2022, Miftah said.
Miftah Ismail said that these economic measures of the government will stabilize the value of the rupee against the dollar.
Finance Minister Miftah said that some imports including mobile phones, vehicles and home appliances are still banned.
These measures aimed to reduce the trade deficit in the country’s economy, which will bring economic stability to the country, Miftah said.
Miftah Ismail expressed the hope that the current account deficit will be reduced this year 2022.
Finance Minister Miftah Ismail said that “we are not working on the rate of inflation but on getting the country out of economic challenges.”
Miftah said that now the full focus of the government is to increase domestic exports, which will be given full attention in the next three months.
Miftah Ismail said that “we are trying our level best to build the economy in the right direction, in which, “we are getting success to a great extent.”
Finance Minister Miftah said that the former government of Pakistan Tehreek- e – Insaf (PTI) has played a role in bringing the economy to this state of affairs.
Miftah said that former Prime Minister Imran Khan is responsible for this, due to his wrong economic policies, the economy has reached at this point.
Finance Minister Miftah Ismail said that the former PTI government has increased the budget deficit every year due to which the economy is suffering today.
Miftah said that the previous government did not make any economic reforms but only produce everything look good on the media?
Miftah said that Imran Khan has demoted every department and proved his incompetence. Finance Minister said that the PTI government did not fulfill the promise of five million houses.
Miftah Ismail said the previous government extended a circular debt of Rs 1400 billion in the energy sector alone.
Financae Minister Miftah Ismail demanded before the court to hear foreign funding case against PTI soon.
Meanwhile, Miftah Ismail announced tax exemption for traders consuming less than 150 units of electricity.
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