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Friday, 4 June, 2021 I 23 Shawwal, 1442 I Rs 15.00 I Vol XI No 334 I 12 Pages I Karachi Edition

PML-N's Poor ecoNoMic PoLicies caused $20bN Loss to ecoNoMy: tariN

ISLAMABAD

F

staff report

eDeRAl Minister for Finance and Revenue Shaukat Tarin on Thursday said that the prevailing economic challenges were the consequence of the Pakistan Muslim leagueNawaz government’s poor economic management, which had also caused $20 billion loss to the national economy. Addressing a virtual press conference flanked by Minister for energy and Petroleum Hammad Azhar and Minister for Industries and Production Makhdoom Khusro Bakhtiar, he said that the last PMl-N government had shown artificial economic growth by borrowing heavily in the country's history. It also increased revenue growth by only 2.5 percent, he added. Contrarily, he said, the Pakistan Tehreek-e-Insaf government increased revenue by 20 percent in every fiscal year and would take it to Rs7,000 billion in the coming years. He said that the PTI government inherited an economy in a shambles, with high inflation and massive circular debt due to bad decisions of the Pakistan Muslim league-Nawaz regime. Tarin said that the government had to approach the International Monetary Fund to support the deteriorated economy and

accept tough conditions such as high power tariffs. However, now the government's focus was on providing relief to the masses in the upcoming budget 2021-22 and that was why it was conveyed to the IMF in recent talks that the electricity and gas prices would not be increased, he added. He said that former finance minister Miftah Ismail of the PMl-N, during his tenure, had raised the petroleum development levy up to Rs30, while the present government had reduced it by Rs2 to Rs3. Today the circular debt was declining and the government would take more steps to further reduce it, he added. Tarin said the government was fully focused on the power sector, particularly to overcome the main challenge of circular debt. Its main priority was to control the electricity prices for providing maximum relief to both the domestic and industrial consumers. He said that the measures adopted by the government since its inception had boosted the revenue collection, which had crossed the Rs4 trillion benchmark till date during the current fiscal year now, which was a historic achievement, and it would hopefully rise to around Rs5. 8 trillion during the next financial year. The increased revenue collection would help decrease the fiscal deficit and

coroNavirus iN

PakistaN

provide more resources for the country's economic development, he added. The minister said that the government would not impose any new tax in the upcoming budget, rather it would broaden the tax base through the use of technology. The prime minister was worried about the poor people and did not want to burden them further, he added. Tarin said that the fiscal year 2021-22 would be a year of growth not only for the country but also for the deprived classes of society as it would encompass provision of better facilities of education, health and employment. The minister said that it was the government's top priority to alleviate poverty, by promoting skills development practices among 4 million families, besides providing them housing facilities and health cards. likewise, the government would announce steps to make the industry sector more efficient to enhance exports, he added. Speaking on the occasion, Minister for energy Hammad Azhar said that statistics presented regarding poverty by the PMl-N leaders were totally incorrect. He said that the current account deficit had surged to record level, while exports had also declined during their government. He said that the opposition could not digest the current economic growth and presented false statistics. The minister conceded that there was inflation, saying the government was making all-out efforts to control it. Today the economy was on the right track owing to the better policies of the PTI government. The foreign reserves were continuously increasing while exports, tax revenue and large-scale manufacturing had also witnessed an upward trend. About 4 percent economic growth would be achieved during the current fiscal year, he hoped. Minister for Industries and Production Makhdoom Khusro Bakhtiar said the PMl-N regime had left behind a fragile economy with huge foreign loans, which had to be returned by the incumbent PTI government.

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Pakistan proudly leading green finance innovations to secure future: Imran ISLAMABAD staff report

Prime Minister Imran Khan on Thursday said through future green financing, Pakistan was proud to take a lead in the conservation of ecological systems and ensure a secure and livable environment for its coming generations. Addressing an event on green financing innovations organised by the Ministry of Climate Change in connection with World environment Day, the prime minister said it was high time for Pakistan to value its natural resources to combat the consequences of climate change. Imran on the occasion witnessed the issuance of a joint statement by the United Kingdom, Canada and Germany to engage in a dialogue on the modalities of Pakistan’s first nature performance green bond. The bond will be developed by a consortium of financial advisers, thereby creating an enabling environment for private sector finances and non-traditional development partners to play their role

Grenade explosion kills three children, injures two

CONFIRMED CASES:

926,695

NEW CASES:

92

2,028

RECOVERED: SINDH:

PUNJAB:

320,488

340,989

KP:

BALOCHISTAN:

133,450 AJK/GB: 19,344/5,608

25,370 ISLAMABAD:

81,446

more inside

LHC acquits couple in blasphemy case Govt begins vaccination of 18-29 age group STORY ON PAGE 03

DEATHS:

852,574 21,022

CONTINUED ON PAGE 03

STORY ON PAGE 03

LAST UPDATED AT 7:37 AM ON JUNE 3, 2021

DAY'S DEATH TOLL:

in sustainable development. Also, a memorandum of understanding was signed between the government and China’s elion Group to pilot green ecological zones in the Cholistan desert on the Kabuqi model of turning deserts into green areas. Prime Minister Imran also lauded the initiative of the green bond, saying saving forests particularly mangroves, and urban plantation was urgently needed for Pakistan. The world, he said, was now realising that ruthless wastage of natural resources was resulting in disastrous consequences for mankind. He said though Pakistan’s contribution to global carbon emissions was less than one percent, it was among the ten highest vulnerable countries facing the risks of climate change. He mentioned that fast-melting glaciers were a major threat to the climate and said his government has launched several green initiatives including the billion tree tsunami to tame the consequences of global warming.

A hand grenade explosion in the Killi Badezai area of Quetta has killed at least three children, while another two were injured, it emerged on Thursday. According to the police, group of children reportedly found the grenade from a nearby graveyard and were playing with it when it exploded. In the resulting explosion, three of the children died on the spot, while two sustained injuries, a spokesperson for the provincial Counter-Terrorism Department said.

The bodies and injured were shifted to the Bolan Medical Complex Hospital. The area was cordoned and an investigation into the incident was launched, according to the CTD spokesperson. The incident comes 10 days after a blast on Quetta’s Qambrani Road left five people injured. Police said the explosion was caused by an improvised explosive device planted at the side of the road. One security official was also among the injured.

While condemning the blast, Balochistan Chief Minister Jam Kamal Khan Alyani had said at the time that “protection of the public’s lives and properties is the responsibility of the government”. He had also directed authorities to take steps for “foolproof security arrangements” for the protection of citizens’ lives. In April, a powerful bomb exploded in the parking lot of the Serena Hotel in Quetta, killing at least five people and wounding 12 others. News Desk

Sindh to block salaries of officials refusing vaccinations STORY ON PAGE 02

Ordinance giving overseas Pakistanis voting rights challenged by PMl-N STORY ON PAGE 02


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