Pakistan Muslim League-Nawaz (PML-N) leader and former finance minister Miftah Ismail Tuesday claimed that Pakistan’s budget deficit will likely hit a record high of Rs. 5,600 billion by the end of the current fiscal year.
Addressing a press conference along with PML-N leaders Musaddiq Malik and Muhammad Zubair, the former finance minister said that the Pakistan-Tehreek-e-Insaf government has left the economy in tatters, and its claim of Rs. 4,000 billion budget deficit was incorrect.
Miftah claimed that if supplementary grants of Rs. 800 billion were included, the total deficit would reach Rs. 6400 billion.
Responding to a question, the former finance minister said that the government has not taken any decision with regards to petroleum prices and the decision will only be taken after reviewing the summary issued by Oil and Gas Regulatory Authority (OGRA).
He termed the Rs. 373 billion relief package related to petroleum products announced by former Prime Minister Imran Khan “a landmine left for the upcoming government”.
The PML-N leader also criticized the amnesty scheme announced by the previous government and said it was against the terms agreed with the International Monetary Fund (IMF).
Responding to a question, Miftah said that it would not be possible for the new government to curb inflation immediately due to the bad policies of the previous government.
“First we will negotiate with the IMF to convince them to ease out the tough conditions so that the government could provide relief to the masses,” he added.
He lamented that Pakistan’s trade deficit is likely to cross $45 billion in the current fiscal year. He said that Pakistan’s exports will reach $30 billion by the end of the current fiscal year, however, imports will surge to a record $75 billion.
Commenting on the rising current account deficit, he said that Pakistan’s foreign exchange reserves are declining rapidly and one of the top priorities of the government is to stabilize the reserves.
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