Monday, 1 August, 2022 i 2 Muharram, 1443 i Rs 40.00 i Vol Xii no 391 i 48 Pages i karachi Edition
Miftah foresees pressure on rupee easing within 2 weeks g
says one last condition imposed by imF For release oF loan tranche to be FulFilled by monday evening
ISLAMABAD
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staff report
inance minister miftah ismail has said that the pressure on the rupee, which has pushed the local currency to drop as much as 17 per cent against dollar in July alone, will ease within the next two weeks. the finance minister was responding to a question by a reporter during a press conference in islamabad on sunday along with prime minis-
ter’s coordinator on economy, bilal azhar Kayani. “you are correct that after the august 17 [punjab by-] polls, the dollar has got out of control and appreciated. i truly believe — even though i don’t speculate on the currency market — but i think that the true value of the rupee is far greater than this,” he added. he further added that the pressure on the local currency was also due to payments worth billions which the government had to make this month and the previous month.
“but let me be honest, no one knows the market. i can believe the fundamentals are in my favour but speculation, sentiments also play a role,” miftah said. speaking further, the finance minister vowed to make all possible efforts to ensure that dollars coming into the country on a daily basis would be more than those leaving and also promised to rein in the current account deficit. in this regard, he said that the government is currently trying to reduce the trade deficit to stabilize the rupee against the dollar. he 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.” “thus, compared to the previous month, imports decreased by $2.7 billion dollars during the month of July 2022,” he added. the minister assured that these economic measures, along with the continued ban on the import of mobile phones, vehicles and home appliances, will stabilise the value of the rupee against the dollar. “all of these measures aimed to reduce the trade deficit in the country’s economy, which will bring economic stability to the country,” he said. speaking further, the finance minister said: “We are not working on the rate of inflation but on getting the country out of economic challenges.
Govt slashes petrol price by Rs3.05 per litre ISLAMABAD staff report
the federal government on sunday a reduction in the price of petrol by rs3.05 per litre for the first 15 days of august 2022. according to the notification issued by the Finance division, the government has slashed petrol price by rs3.05 per litre and light diesel oil by rs12 per litre. the price of high-speed diesel has been jacked up by rs8.95 per litre, while the rate of kerosene oil was gone up by rs4.62 per litre. the new price of petrol will be rs227.19 per litre, high-speed diesel 244.95, kerosene oil 201.07 and lsd 191.32 per litre. the new rates of petroleum products will go into effect at midnight tonight. according to the notification, the changes were introduced following a reduction in the prices of petroleum products in the global market. “owing to the fluctuation in petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers,” the statement read.
maryam for withdrawal of fixed tax on commercial power bills
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Bushra Bibi’s bid to link opponents to treason exposed: Marriyum ISLAMABAD staff report
minister for information and broadcasting marriyum aurangzeb said on sunday that another attempt of former prime minister imran Khan’s spouse bushra bibi, directing arsalan Khalid for linking political opponents to treason, had been exposed. in a statement issued here on sunday, the minister said that both versions of the video, the original one and the one produced by bushra bibi were being presented here. “bushra made the video and released it to the media on July 30 at 4:28 pm,” the minister said, adding that the original video was also available with ary news. the minister said the video had been sent to the Fia cyber crime Wing so that those, who edited the video and added voices to it,
could be brought to justice. marriyum accused that the management of ary news channel should also be ashamed of becoming part of imran Khan’s agenda of spreading lies under the guise of journalism and freedom of speech to divert attention
from his corruption. “the said news channel always killed the truth and reality.” taking a jibe at the ary, she said that when illegal contracts worth billions of rupees are being received, then lies will surely be propagated in the guise of journal-
ISLAMABAD staff report
ism. this lowly and vile act of imran was an expression of his mindset, who did not hesitate in telling lies habitually about the sacred concept of riyasat-e-madinah, as well as about FatF, corona pandemic, flood, religion, health of political opponents, economy and employment of people. the minister reminded that bodies of tourists were lying under the snow in murree, but bushra bibi did not allow his husband and the then pm to pay a visit to the site, and he chose to go on a tour to the mountains instead. now, it disturbed imran’s stomach watching prime minister shehbaz sharif helping people in their difficulties, she said, adding that “imran must be questioning himself in pain that why does he [shehbaz sharif] go to them, why does he sympathize with them?
pakistan muslim league-nawaz (pml-n) vice president maryam nawaz on sunday urged for the withdrawal of fixed sales tax on commercial power bills. tagging Finance minister miftah ismael in a tweet, she wrote that the trader community was perturbed and complaining about heavy tax imposed on their power bills. she hoped that Finance minister miftah ismael would find a solution to the problem.
in today’s issue
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Pakistan stands in solidarity with people, govt of UAE: PM ISLAMABAD staff report
prime minister muhammad shehbaz sharif on sunday expressed his grief over the loss of precious lives including pakistani nationals in the damages caused by floods in the united arab emirates. taking to his twitter handle on sunday, the prime minister expressed his sympathies and condolences with the bereaved families. “grieved to learn about the loss of precious lives including those of the pakistani nationals, in the damage caused by floods in united arab emirates. my most sincere sympathies, heartfelt condolences are with the bereaved families,” the prime minister posted. the prime minister in a related tweet said that at this difficult time, pakistan stood in solidarity with the people and government of the uae.
he also directed the pakistan embassy in abu dhabi to extend full support to the affected families. Foreign office spokesperson, in a separate press release, said that the government and people of pakistan extended heartfelt condolences to the government and people of the uae on the damage caused by heavy rains and floods in the emirates, resulting in the loss of precious lives including five pakistani nationals. “We express our deepest sympathies to the families of the deceased and pray for the speediest recovery of those injured. pakistan stands in solidarity with the fraternal people and government of the united arab emirates,” it was added. the spokesperson further informed that the embassy of pakistan in abu dhabi and the consulate general of pakistan in dubai were in contact with the uae government and families of the affected pakistani nationals. the missions had been directed to closely co-
ordinate with the local authorities to extend full support to pakistani nationals affected during the floods. according to media reports, the uae recorded its highest amount of rainfall in 27 years last week, causing damages after flash floods hit its different parts. ras al Khaimah, sharjah and Fujairah, were the worst affected by floods that followed torrential rainfall. according to uae officials, a number of asian expatriates were found dead following recent floods across the country. visit to flood-AffEctEd AREAs of tAnk, di khAn PostPonEd: prime minister muhammad shehbaz sharif’s visit to the flood-affected areas of districts tank and dera ismail Khan on sunday was deferred due to inclement weather. the prime minister was scheduled to visit these flood-hit districts of Khyber pakhtunkhwa to review the ongoing relief and rehabilitation efforts, pm office media Wing said in a press release.