Inflation caused by previous govt needs to be remedied: Miftah Ismail

ISLAMABAD: Federal Finance Minister Miftah Ismail has said that we increased the price of petrol because it was very necessary, otherwise the rupee would have depreciated further.

According to details, in a press conference with Ayesha Ghaus Pasha in Islamabad, Miftah Ismail said that the prices of petroleum products were not increased happily but it was a crucial decision. “If we did not do this, Pakistan would have defaulted,” he said.

He said that the staff-level agreement with the IMF will be in June, and the money the country would receive will be $3 billion after the agreement.  He said that after the agreement with the IMF, one billion dollars would be received from the World Bank, two and a half billion dollars would be received from the Asian Development Bank and three billion dollars would be extended from Saudi Arabia.

Read more:IMF talks: Miftah Ismail rules out removing fuel, energy subsidies

In response to a question about whether petrol will be expensive on June 1 or not, the finance minister expressed ignorance, saying that he did not know whether the price of petrol would go up or not. He had just increased the price of petrol.

The federal minister, while hinting at further inflation in the country, said that petrol and diesel have been made more expensive. Referring to the previous government, he said that the storm of inflation caused by the previous government must be remedied, adding that the increase in diesel prices is expected to increase bus fares, 85% petrol, 40% richest households in the country. 

The finance minister said that Shaukat Tareen’s contract was to increase the price of diesel to Rs 300 and petrol to Rs 260. We are not following the formula of Shaukat Tareen. Shaukat Tareen was told that he has kept the money. We did not find anywhere, that what Imran Khan did would have bankrupted the country’s economy. 

He said that 84 million Pakistanis would be given a monthly stipend and the government would bear the expenses of Rs. 28 crore. The needy people will be given Rs 2,000, while those registered with Benazir Income Support will be given money for two days.

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