Finance Minister wants nation to live within its means

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Miftah Petrol hike

Federal Minister for Finance, Miftah Ismail on Sunday said that the nation has to live within its current national resources by which the government can move towards self-reliance.

The Minister said that the damage in this flood is estimated at 10 billion dollars, which can help the rehabilitation of the flood victims.

Import payments should equal dollar inflows, which means curbs on luxury items may remain in place for longer than currently anticipated, Miftah Ismail said in an interview with Bloomberg News at his home in Karachi.

“I want to see a Pakistan that lives within its means,’’ the Finance Minister told adding, nothing can happen in one year, but we can start”.

Less than a week ago, the International Monetary Fund (IMF) gave Pakistan $1.16 billion, he said. The Minister said that Pakistan also secured pledges for a total of $9 billion in investments and loans from Qatar, Saudi Arabia and the UAE.

Ismail said he expects a $1 billion investment in listed state-owned companies to materialize in about a month. Pakistan on Aug. 29 secured a bailout from the IMF to avert an imminent default as the country deals with political turmoil and deadly flooding.—APP

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