Islamabad: Minister for Finance and Revenue Miftah Ismail said that he was hopeful International Monetary Fund (IMF) executive board would meet on August 29, after which process to disburse funds to Pakistan will start.

“There were minor edits that needed to be made in Letter of Intent (LoI) and they were sent to IMF,” said Miftah while addressing press conference here. “We have received the new LoI from IMF, which would be signed today and sent back to IMF.

“We are hopeful that IMF board meeting would be held on August 29, after which disbursement of funds will commence.” Mentioning rupee’s recent appreciation, Miftah said that dollar, which hit 239.94 last month, has been brought under control. “From August 1-16, Pakistani rupee emerged as best currency in world, whereas Pakistan Stock Exchange (PSX) too, emerged among best performing stock markets in world. “Rupee’s strength should reflect strength of economy, which at end reflects current account position,” he said.

He reiterated that Pakistan suffered a trade deficit of over $ 48 billion last fiscal year on account of an import bill of over $ 80 billion in comparison to exports of only $ 31.3 billion. On government’s latest move to increase price of petrol, Miftah reiterated that government did not impose any new tax and that Oil and Gas Regulatory Authority determine price based on Platts (a provider of energy and metals information and a source of benchmark price assessments in physical energy markets). “I did not say that price of petrol will not increase. I said that I will not impose tax on petroleum products,” said Miftah.

“I am bound by every decision of government and take responsibility,” he added. Meanwhile, Miftah stressed that government’s next target is to control inflation.

Published in The Daily National Courier, August, 17 2022

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