Associated Press Of Pakistan
ISLAMABAD, Jun 3 —Federal Minister for Finance and Revenue Shaukat Tarin Thursday said the current challenging economic situation being faced by the country was the result of wrong policies of the last Pakistan Muslim League-Nawaz (PML-N) government, which had caused a loss of $20 billion.
The current government inherited an economy in a shambles, with high inflation and massive circular debt due to bad decisions of the PML-N regime, he said while addressing to a virtual press conference along with Minister for Energy and Petroleum Hammad Azhar and Minister for Industries and Production Makhdoom Khusro Bakhtiar.
Tarin said the government had to approach the International Monetary Fund to support the deteriorated economy and accept tough conditions such as high power tariffs.
However, now the government’s focus was on providing relief to the masses in the upcoming budget 2021-22 and that was why it was conveyed to the IMF in recent talks that the electricity and gas prices would not be increased, he added.
He said former finance minister Miftah Ismail of the PML-N, during his tenure, had raised the petroleum development levy up to Rs 30, while the present government had reduced it by Rs 2 to 3.
Today the circular debt was declining and the government would take more steps to further reduce it, he added.
The minister said it was the government’s top priority to alleviate poverty, by promoting skills development practices among 4 million families, besides providing them housing facilities and health cards.