Saved Pakistan from bankruptcy: Miftah Ismail

ISLAMABAD: Finance Minister Miftah Ismail on Thursday said that they saved Pakistan from bankruptcy by raising the prices of petroleum products.

Addressing a joint press conference with Information Minister Marriyum Aurangzeb, the finance minister takes the nation into confidence over the Chinese loan and ongoing talks with the International Monetary Fund (IMF).

Miftah Ismail said that they have reached an understanding with IMF over the budget’s measures. The minister said that he will deliver the winding-up speech of the general discussion on the federal budget for the fiscal year 2023 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 highest-ever budget deficits, he said, adding that Pakistan’s debt since the country’s inception had increased by 80% 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,” he added.

The finance minister said that the coalition government this time has imposed taxes on the rich, adding that another 1% supertax would be imposed on people earning more than Rs150 million, 2% on income of more than Rs200 million, 3% on people earning more than Rs250 million and 4% on income of more than Rs300 million for a year.

MIftah Ismail said that China approved $2.3 billion loan for Pakistan a day earlier. He hoped that the amount will be transferred by tomorrow.

The finance minister thanked China for re-rolling its safe deposits in Pakistan which were due in June and July.