ISLAMABAD: Finance Minister Miftah Ismail says he has been cursed for price increase of petroleum products, albeit hard ones decisions was necessary avoid catastrophe, reports ARY News. on Monday.
Turning to post-budget conference in Islamabad, finance minister said they came to power when the country was witnessing a major economic problems.
“I’ve never seen a situation like this in Pakistan,” he said, adding that coalition government there was no other option but take it hard decisions. Myth pointed out out that four years ago circular debt was 503 billion, and today it has reached 2500 billion.
He went on to say that there are many reasons. for losses in in power sector. “A few years ago, electricity was generated from coal at 5 rupees, and now cost 25 rupees per unit,” Miftah said.
Finance minister also said the fuel adjustment fee for june will come in September bill. “Circular debt of gas sector also rose to Rs 1,500 billion,” he said, adding that after the subsidies, gas was sold at Rs 400. instead of 4000 rupees.
“I told prime minister that we have to take hard decisions or we can’t make a deal with International Monetary Fund (IMF). prime minister unhappy with price increase of oil products. Whenever I submit a resume in in this regard, the ministers curse me,” he said. added..
Mifta claimed that government still gave a subsidy of 19 rupees. on gasoline and a subsidy of 53 rubles. on diesel, adding that Sri Lanka also gave subsidies to public and this is, after all, the default. “Today Sri Lanka is buying expensive oil, and they don’t have the money to buy medicines for them people,” he added.
federal minister said that whoever becomes prime minister should approach him in a friendly way. countries. “How long will we live on mercy of our friends?” he lamented, adding, “Pakistan is dearest to us, we all must fix it’s together.”
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