ISLAMABAD: Finance Minister Miftah Ismail categorical stated that there was no need to impose financial emergency in the country. He said that some elements were spreading rumours of financial emergency which are totally baseless.
He said Pakistan has come out of the financial crisis after two episodes of increase in petroleum prices in quick succession and hence no need of declaring an economic emergency.
Miftah said the prime minister would soon be announcing austerity measures to reduce government expenditure. This followed a day-on-day downward revision in the rupee’s value by Rs2.14 to Rs200.06.65 against the dollar in the interbank and rumours about an impending financial emergency on social media.
“The prime minister will at some point announce austerity measures to save government expenditures. After two increases in petrol prices, we are out of the financial crisis”, the finance minister said in a tweet to reassure the markets.
