‘Pakistan going through very difficult phase’ | Daily News

‘Pakistan going through very difficult phase’

Pakistan is going through a “very difficult” phase, said the country’s Finance Minister Miftah Ismail on Saturday, a day after he presented the federal budget 2022-23 in the National Assembly.

Addressing a press conference here, the Minister began by cautioning that Pakistan was going through an unprecedented period, which he described as “very difficult.”

“I have never seen a more difficult time in the past 30 years where on the one hand the international environment is very challenging and the government or administration has worsened and nothing was done to resolve issues,” Dawn quoted the Pakistan Finance Minister as saying.

He said that Pakistan is producing electricity at costly rates because of poor administration. Ismail said he was “not being alarmist”, but the country’s economy “cannot bear it”.

The Pakistani Finance Minister emphasised the need to “fix things”, adding that “we can’t afford expenditure for which we don’t have the capacity.”

“It is unfortunate that we have to approach other countries for packages, loans or deposits,” he lamented. “Pakistan is an honourable country and a nuclear power. We have to set our economy right.”

On Friday, Ismail presented the budget of Pakistani Rs. 9.5 trillion for the upcoming fiscal year starting from July 2022 to June 2023, at the Lower House of the country’s Parliament.

In his speech in Parliament, the Minister said that out of the total Rs. 9.5 trillion budget, an amount of Rs. 3.95 trillion has been allocated for debt servicing, whereas Rs. 800 billion has been earmarked for the next year’s public sector development programme.

Pakistani Prime Minister Shehbaz Sharif called the budget balanced, progressive and pro-people. (ANI)

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