ISLAMABAD: In her clarification statement, Caretaker Finance Minister Shamshad Akhtar addressed the misinterpretation of her comments. The comments centered around the question of why she assumed the role of finance minister in the cabinet.
Shamshad Akhtar explained in a video that she had been asked by many why she took on the challenging role during difficult times.
She clarified that she considered it an honor to serve Pakistan during such a critical period. The clarification was conveyed through a video released by Information Minister Murtaza Solangi on the platform X, formerly known as Twitter.
Earlier reports had surfaced suggesting that during a session of the Senate’s Standing Committee on Finance, the minister expressed her occasional pondering about why she accepted the position.
However, the reports indicated that she made these remarks in a light-hearted manner.
File photo of caretaker finance minister Dr. Shamshad Akhtar.
During the same committee session, she also shared that the state of the economy. She said that the economy was more dire than she had initially anticipated. She also said the government would soon present a roadmap to address the situation.
On Wednesday, Finance Minister asserted that there was no room for additional subsidies within the agreements made with the IMF.
Speaking to journalists in Islamabad, she discussed the government’s concern for the well-being of the country’s underprivileged population.
Dr. Shamshad Akhtar assured that they would take measures to prevent further exacerbation of challenges faced by vulnerable individuals.
Stock market crashes due to uncertainty
Meanwhile,
The stock market in Pakistan crashed on Thursday due to a deepening political and economic uncertainty in the country.
The benchmark KSE-100 index experienced a decline in its fifth consecutive session. On Thursday the benchmark KSE-100 index lost over 1200 points during intraday trading.
The KSE-100 index continued its bearish trajectory, plummeting by more than 1200 points to reach 44,950 at 3:05 pm. It marked a decline from the previous day’s closing value of 46,244 points.
Economic experts attribute this decline in the KSE to a lack of clarity concerning politics and the economy. The market is witnessing selling pressure due to economic uncertainty and the continuous devaluation of the rupee.
Ahsan Mehanti said, “The bearish close was an outcome of the caretaker finance minister’s statement. In her statement, she discussed the fiscal limitations to provide relief on power bills, along with concerns about the unresolved circular debt crises in the power sector.”
Notably, the market had experienced a significant drop amid rumors that the State Bank of Pakistan was planning to raise interest rates by up to 300 basis points.
Conversely, the rupee remained under pressure and further depreciated against the US dollar in the open market on Thursday. The dollar-rupee exchange rate hit 328 rupees in open market trading on Thursday.
