Miftah Ismail, the newly appointed Finance Minister, warned on Wednesday that the petrol subsidy for the months of May and June will cost Rs96 billion, which the government cannot bear.<\/p>\n\n\n\n
The finance minister, who was joined by Federal Minister of Information and Broadcasting, Marriyuam Aurangzeb, during “Meet the Press” at the National Press Club, said the PTI administration has left landmines for the present government.<\/p>\n\n\n\n
“Imran Khan has put the Shehbaz Sharif-led administration in jeopardy by refusing to tax fuel and diesel […] making petrol cheap is not a favor, it is the nation’s money through which they grant subsidy,” the finance minister said.<\/p>\n\n\n\n
According to the finance minister, the government provides a subsidy of Rs52 on diesel and Rs21 on petrol, with the national exchequer receiving Rs68 in April’s subsidy.<\/p>\n\n\n\n
“This is more than quadruple our civilian government’s administrative costs. We can’t keep going like this. In this case, the prime minister will have to make a decision “Added he.<\/p>\n\n\n\n
Ismail stated that the coalition administration would make every attempt to revive the International Monetary Fund’s Extended Fund Facility (EFF) programme (IMF).<\/p>\n\n\n\n
“The programme will be restored.” If the government needs to tighten its belt, it will,” he added, stressing that people will not be burdened any more.<\/p>\n\n\n\n
With other appropriate financial discipline mechanisms, the finance minister indicated that the government may lower public sector development spending.<\/p>\n\n\n\n
Despite the odds posed by the PTI government, he said the government would offer a people-friendly and development-friendly budget. He expressed the expectation that the rupee’s value would not fall any lower and that the markets would do well as well.<\/p>\n\n\n\n
He claimed that the PML-N maintained a growth rate of 6.1 percent, which was cut to 1.9 percent in the first year of the PTI administration and to -1% the following year.<\/p>\n\n\n\n
Similarly, he said, inflation based on the Consumer Price Index (CPI) has risen from 3.9 percent to 12.7 percent, while the Sensitive Price Indicator has risen to 17.3 percent, and rural inflation has risen much more.<\/p>\n","protected":false},"excerpt":{"rendered":"
Miftah Ismail, the newly appointed Finance Minister, warned on Wednesday that the petrol subsidy for<\/p>\n","protected":false},"author":10,"featured_media":14889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[215],"tags":[383],"class_list":["post-14888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-petrol"],"yoast_head":"\n