ISLAMABAD: Finance Minister Miftah Ismail has proclaimed that Pakistan was out of the financial crisis after two hikes in petrol prices, ARY News reported on Monday.
Enchanting to Twitter, the finance minister pointed out that there was no financial emergency in the country.
Particularly after the two hikes in the price of petroleum products.
Miftah Ismail further said that:
Prime Minister Shehbaz Sharif at some point will publicize severity measures to diminish the government expenditure as he ruled out any kind of financial emergency in light of the poor economic condition.
The Prime Minister will at some point announce austerity measures to save government expenditures. But there is not going to be any declaration of financial emergency. Nor is there any financial emergency. After two increases in petrol prices, we are out of the financial crisis.
— Miftah Ismail (@MiftahIsmail) June 6, 2022
In alternative tweet, the minister wrote:
“There is absolutely no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people private lockers.”
“We have never even contemplated these steps. Nor will we ever do it. Speculation on social media about this is wrong and coming from biased quarters,” Miftah noted.
There is absolutely no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people private lockers. We have never even contemplated these steps. Nor will we ever do it. Speculation on social media about this is wrong and coming from biased quarters.
— Miftah Ismail (@MiftahIsmail) June 6, 2022
It is appropriate to reference here that the PML-N-led federal government had amplified the price of petrol by Rs60 per litre.
Furthermore, the National Electric Power Regulatory Authority (NEPRA) last week elevated the basic power tariff by Rs7.9078/kWh for the next fiscal year 2022-23.
Last week, the Oil and Gas Regulatory Authority (OGRA) had also permitted an increase in gas prices.
A hike of 45% was accepted for the Sui Northern Gas Pipelines Limited (SNGPL) while 44% for the Sui Southern Gas Company (SSGC).