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Ishaq Dar is guiding government in managing economic crisis: Rana Sanaullah

Published

2 years ago

Farwa

Sanaullah says PTI govt signed a deal with IMF which was not in favour of Pakistan.
He says Dar aware of situation Pakistan currently facing at economic forefront.
He says PTI-led government “ruined economy” and it was now difficult to manage it.

ISLAMABAD: Interior Minister Rana Sanaullah Tuesday said that the incumbent government was seeking guidance from PML-N’s “financial guru” Ishaq Dar to manage the ongoing economic crisis.

Speaking to Geo News’ programme “Geo Pakistan”, the interior minister said that Dar was aware of the situation Pakistan was currently facing at the economic forefront.

During the initial days of the coalition government, Dar, who is based in London along with PML-N supremo Nawaz Sharif, was very active and regularly appeared on TV shows, giving his input on the economy which sparked a debate about who was heading the finance ministry — Miftah Ismail or Dar.

The country is facing a crisis amid a delay in the revival of the International Monetary Fund’s (IMF) $6 billion loan facility stalled due to policy breaches by the previous government.

Sanaullah said that the PTI government signed a deal with the IMF which was not in favour of Pakistan.

“They [the PTI-led government] agreed to remove all sorts of subsidies despite the fact that the financial condition of our people was not such that they could tolerate more financial burden. They promised zero subsidies on petrol with IMF.”

He said that the incumbent government was reviving the same agreement which the PTI signed with the lender, adding that the PTI-led government “ruined the economy” and it was now difficult to manage it.

“They used to criticise Dar for controlling the dollar rate and when the PTI government came to power it shot up to Rs190 from Rs115. During our two-month tenure, it has ascended further,” the interior minister said.

The minister added that the IMF was not ready to show any flexibility and the dollar rate was increasing due to the delay in the agreement.

“We told the IMF to allow us to remove subsidies in phases but it refused. We will bring down the dollar to 182 after the loan programme is restored,” he claimed.

On the PTI’s countrywide protest call on Sunday against inflation, Sanaullah maintained that the masses are keeping themselves away from the protest.

“Last time, from among a population of 220 million, only 10,000 to 12,000 responded to Khan’s call,” he said.

The minister asked the PTI to admit its mistake and sit with the government to talk about an economic pact.

Business

Pakistan’s gold prices continue to decline.

Published

19 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

19 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

19 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.