Friday, 24 June, 2022 I 24 Dhul-Qadah, 1443 I Rs 15.00 I Vol XII No 355 I 12 Pages I Lahore Edition
Rupee Rebounds as pRogRess made in imF talks, Chinese loan g
PakiStani ruPee gainS rS4.70 againSt uS dollar Islamabad
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Mian abrar
akiStani rupee gained rs4.70 against the uS dollar in the interbank on thursday, closing at 207.23, following news of an incoming loan from china and a possible deal with the international Monetary fund (iMf). the rupee closed at 211.93 on Wednesday. according to the forex association of Pakistan (faP), the buying and selling rates of dollar in the open market were recorded at rs206.5 and rs209.5 respectively. the price of euro depreciated by rs5.01 and closed at rs217.73 against the previous day’s closing of rs222.74. Meanwhile, federal Minister for finance and revenue Miftah ismail also declared that the government has saved Pakistan from bankruptcy, informing that progress had been made in talks with the international Monetary fund (iMf). the finance minister insisted they had saved the country from default and the financial situation of the country was stable now. addressing a press conference here along with information and broadcasting Minister Marriyum aurangzeb, Miftah ismail said the government had to take some difficult decisions to save the country’s economy from collapse. he, however, hoped the government would be able to control the inflation in the next two to three months. Miftah informed that the government was expecting to receive $2.3 billion in loan from china by next Monday. “the rate of uS dollar has also come down today and positive signs are coming out of the Pakistan Stock exchange (PSX),” he said. dispelling the impression that the poor people were bearing the brunt of taxation, the minister claimed that actually the government had levied taxes on the rich people. “We have presented a historic budget in which no new tax has been introduced; the fact is that we plan to increase taxes on sugar mills’ owners and billionaires,” he clarified.
he went on to say that never ever in his life had he seen such a pathetic economic situation of the country. Miftah again did not forget to lash out at former prime minister imran khan, and alleged that he had left behind a ‘bankrupt’ Pakistan. “When we took over, there was a deficit of rs120 billion,” he said, and asked the purpose of Pti’s ascent to power when according to party chairman imran khan, the purpose was not to reduce the prices of tomatoes, onions and other food items. “the Pti government had borrowed excessive loans and these were the poor people who were the victims of the last government’s taxation,” he opined. Miftah claimed that the incumbent government had saved Pakistan from default by increasing the prices of petroleum products. “the government has reached an understanding with the iMf over the budget’s measures,” he added. the minister said that he will deliver the winding-up speech of the general discussion on the federal budget for the fiscal year 2022-23 in the national assembly and then they will close the budget. “it is a historic budget as we have neither increased indirect taxes nor imposed taxes on commodities or consumption,” he added. lashing out at the Pti government, the finance minister said that they imposed heavy taxes on consumption which cast a bad impact on the poor. the previous government made four highestever budget deficits, he said, adding that Pakistan’s debt since the country’s inception had increased by 80 percent during the Pti tenure. he said that imran khan brought the country to the brink of bankruptcy. he maintained that they only imposed taxes on the rich. “i have imposed taxes even on the companies of the prime minister’s son and my own company will now also pay more tax,” he added. Miftah said the government has provided relief to poor people by shifting burden of tax on rich people. he said tax would be further increased on rich people having income above 150 million rupees. Separately, Prime Minister Shehbaz Sharif told a
Sanaullah rules out reversal of Fata merger, army withdrawal
Islamabad staff report
federal interior Minister rana Sanaullah on thursday categorically ruled out the possibility of discussion with the proscribed ttP on the withdrawal of military from tribal areas or reversal of fata merger, saying such demands were against the constitution. during a live interview on a private tv channel, Sanaullah said the talks were possible with those willing to surrender arms. When asked about the strength of the ttP fighters, the
minister said the “ttP fighting force” comprised 4,000 to 5,000 members. “the names associated with the aPS (army Public School) incident can never be considered for a pardon,” he explained. he said that it was to be seen “what kind of people” would take part in the talks from the other side. if representatives of the political government in afghanistan are in attendance, then politicians from our side will also participate in the discussion,” he pointed out.
it is to be noted that the national assembly had on May 24, 2018, passed a constitutional amendment, paving the way for the merger of the region formally known as federally administered tribal areas (fata) with khyber Pakhtunkhwa. the minister said he did not believe the outcome of the talks would be visible in weeks. “it will take some months,” he said. Sanaullah insisted that the civil and military leadership were on the same page that the ttP militants would not be allowed to take up arms. “otherwise, we won’t shy away from the fight”. “the military leadership assured us that we have the capacity and the power to sort these issues out effectively,” the minister claimed. he said the involvement of foreign elements could not be ruled out in terror attacks in Pakistan, saying there were some forces behind the ttP that did not want peace in the country. the minister said that a security briefing given yesterday was “comprehensive” and covered all aspects of the issue but there were no “suggestive measures” in it.
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PM Shehbaz, Miftah uPbeat on ‘econoMic revival’
group of the PMl-n senators that the government was committed to steer the country out of prevailing difficult economic situation, reiterating his resolve to prioritize steps aimed at bringing prosperity and development. the prime minister said though the country could still face the difficult times ahead due to the inefficiency of previous regime, yet the coalition government would counter every challenge effectively. all the coalition partners, he claimed, were unanimous that the 14-month tenure would be utilized for reformation and improvement by keeping
the country above all political interests. he pointed out that the Pakistan tehreek-e-insaf government had struck a deal with the international Monetary fund (iMf) to pass on the change in fuel prices to the people, and had also agreed to raise petroleum levy by rs30. he, however, said, the previous government quashed the deal and suddenly reduced the petroleum prices in March (2022) at a time when prices of the crude had skyrocketed globally. this abnormal imbalance left the country in a difficult economic situation, he added.
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