Connect with us

Hi, what are you looking for?

National

Miftah Ismail: Government will limit imports for next three months

Finance Minister Miftah Ismail said on Friday that the government would control imports for the next three months, even if that meant growth would be slower.

“I won’t let imports go up for three months, and in that time, we’ll figure out what to do. I know that growth will slow for a little while, but I have no choice,” he said at a ceremony at the Pakistan Stock Exchange (PSX).

Ismail talked about the exchange rate and said that more dollars were leaving the country than were coming in. This is why the rupee had dropped sharply against the dollar over the past month.

“Even a small store owner knows that if you sell Rs30,000 a day but buy Rs80,000 worth of stock, you need to cut back on the amount of stock you buy. We did what they did. We cut imports from $7 billion to $4.9 billion, and all problems went away.”

The finance minister said that the government’s restrictions on imports would hurt the industries of cars and electronics. He said he didn’t want to make more people unemployed, but his main goal was to cut down on imports.

“When there was pressure, we bought a lot of oil and gas from other countries. At the moment, we have enough diesel and gasoline for 30 days. We have enough oil for the furnace to last for six months. In terms of our energy security, energy supply, and other obligations, we are in a very good place. For the next four months, we will keep an eye on imports.”

Mahnur Mehfooz
Written By

Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.

Health & Education

Division wise, 139 clinics were sealed in Karachi, 100 clinics sealed in Sukkur, 88 in Mirpur Khas, 77 in Larkana and 42 in Hyderabad...

Politics

ISLAMABAD: PPP co-chairman Asif Zardari sent 10 billion rupees in a legal notice to Imran Khan for accusing him (AZ) to plan the murder...

Latest Updates

ISLAMABAD: Shahid Khaqan Abbasi resigns from PML-N as Senior Vice President. He has decided to work for the country’s well-being through the forum of...

Exclusive

ISLAMABAD: Islamabad police have installed about 50 more CCTV cameras in different places in the city to enhance vigilance. The capital city police are...