ISLAMABAD: Minister of State for Finance Aisha Ghaus Pasha informed the National Assembly Standing Committee on Finance on Tuesday that the government did not approve any agreement with IMF by not jacking up the petroleum development levy on POL products
MINISTERT OF STATE
The NA Standing Committee on Finance and Revenues met under the chairmanship of PMLN MNA Qaiser Ahmed Sheikh here at the Parliament House on Tuesday. Minister of State for Finance Aisha Ghaus Pasha informed the committee that the government had imposed more during the tenure of former finance minister Mirtha Ismail, which was now rationalized to provide relief to the inflation-stricken masses.Pakistan not breaching IMF accord: Pasha
THE GOVERNER OF STATE BANK
The Governor of the State Bank of Pakistan, Jamil Ahmed, told the NA panel that the inquiry against eight banks involved in earning lofty profits because of the steep fall of the rupee against the dollar in the exchange rate was near completion. The NA panel recommended the government and SBP for taking stern action against those banks and exchange companies found involved in currency manipulation and minting lofty profits.Pakistan not breaching IMF accord: Pasha
The NA panel also considered Mozarba Companies Amended Bill 2022 and referred it to a four-member sub-committee constituted under the chairmanship of Barjees Tahir. The chairman of the NA panel said that only big and influential people secured loans from the SBP schemes during the Covid-19 pandemic while Small and Medium Enterprises (SMEs) were largely ignor
Barjees Tahir asked why the rupee started strengthening against the US dollar after the return of Finance Minister Ishaq Dar, who had stated that he would bring it down below Rs200 against the dollar.Pakistan not breaching IMF accord: Pasha
Consider the IMF’s two key demands of the Sharif government: to reduce user subsidies for fuel and electricity and to boost foreign reserves by securing new funds from other benefactors.
Pakistan fulfilled both demands, securing about $4 billion from Saudi Arabia, China, Qatar and the United Arab Emirates and withdrawing fuel and power subsidies. As a result, fuel and electricity prices jumped by the most ever, against the backdrop of inflation already running the highest since 1975.
The country’s landed gentry, which the report described as a “feudal elite,” benefits especially from such privileges.
Khan reacted to last year’s report by promising reforms but then failed to follow through. Given