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Miftah Ismail rules out imposition of financial emergency in Pakistan

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  • Miftah Ismail says no possibility of financial emergency in country.
  • He says after two hikes in petrol price, country out of financial crisis.
  • PM Shehbaz Sharif to announce austerity measures as well, he adds.

ISLAMABAD: Finance Minister Miftah Ismail Monday ruled out the possibility of a financial emergency in the country after the government took steps to rectify the ongoing economic turmoil.

In a tweet, Ismail said the country was not facing a financial emergency as the price of petrol had been increased twice — and hiked up to Rs209.86, while there has also been a massive increase in other petroleum products.

The finance minister, without specifying a date, added that Prime Minister Shehbaz Sharif would at some point announce austerity measures to save government expenditures.

In a bid to bring economic stability and revive the stalled multi-billion dollars International Monetary Fund (IMF) programme, the government had increased the price of petrol by a whopping Rs60 per litre.

Moreover, the National Electric Power Regulatory Authority (NEPRA) last week raised the basic power tariff by Rs7.9078/kWh for the next fiscal year 2022-23 — increasing the burden of inflation on the people.

The Oil and Gas Regulatory Authority (OGRA) had also last Friday approved an increase in gas prices — a hike of 45% was approved for the Sui Northern Gas Pipelines Limited (SNGPL) while 44% for the Sui Southern Gas Company (SSGC).

The finance minister had also assured last month that the government would reach a staff-level agreement with the international money lender by June, without specifying the exact date.

Separately, the State Bank of Pakistan (SBP) said the government and the central bank were taking all necessary measures to ensure macroeconomic stability in the country.

The recent difficult decisions taken by the government — including the reduction of subsidies on petroleum products — are expected to pave the way to reaching an agreement with the IMF and release of the tranche and financial assistance from other multilateral agencies and friendly countries.

“We are confident that these measures will relieve the temporary stress being faced due to elevated global commodity prices and geopolitical tensions, and eliminate uncertainty in the economy,” the central bank said.

Freezing foreign current accounts?

In another tweet, the finance minister also said there was “absolutely no plan” to freeze foreign currency accounts, Roshan Digital Accounts, or take over people’s private lockers.

“We have never even contemplated these steps. Nor will we ever do it. Speculation on social media about this is wrong and coming from biased quarters,” he said.

Prior to the finance minister’s clarification, the SBP, in a statement, had rebutted rumours of imposing restrictions on foreign currency accounts, Roshan Digital Accounts, and safety deposit lockers.

In a statement, the central bank assured all account holders in Pakistan that their accounts and lockers are completely safe and that there is no proposal under consideration to put any restriction on them.

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PSX surpasses the historical 71,500-point threshold.

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Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

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Outsourcing: Investors from Turkey stop by the airport in Karachi

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Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

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The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

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The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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