Ban On Import Of Luxury Goods Aims To Improve Economy : Miftah Addresses KCCI

Finance Minister Miftah Ismail has clarified that neither he nor the state Bank of Pakistan had directly intervened to bring the Dollar’s value down, stating that it was influenced by market factors.

Addressing the Karachi Chamber of Commerce and Industry, he said he disagreed with a KCCI member’s stance that he had something to do with the Dollar’s declining value.

Ismail also doubled down on the government’s decision to curtail imports for the next three months, stating that it was a necessity.

He assured that the government had not stopped payments on any letters of credit that had been opened in the past and would not do so in the future as well.

The Finance Minister noted that the country’s imports last year stood at 80 billion dollars while its exports were a mere 31 billion dollars.

Ismail said Pakistanis should live within their means and in a dignified manner instead of asking for Loans.

The Finance Minister assured that problems of Business Community would be resolved on priority basis.

He urged the business community to extend cooperation to the government in its efforts to stabilize the National Economy.

He said the government had to take tough decisions of withdrawing subsidies on Petroleum products and power to bring the National Economy on the right track.