ISLAMABAD: Federal Finance and Revenue Minister Miftah Ismail said on Monday that the government would announce the export policy in the coming days. The Minister said this while addressing the Post Budget Conference 2022-23 organized by the Institute of Chartered Accountants Pakistan (ICAP) here.
He said that in 2013 there was a circular debt of Rs. 505 billion and PML-N had paid a circular debt of Rs 480 billion. “This time there is a circular debt of Rs. 2.5 trillion and this year alone has accrued over Rs. adding that power companies suffered a loss of Rs. 500 billion and Rs.
Finance Minister Miftah Ismail said that right now the inflation seemed endless. “If oil is expensive in the world, there is no solution,” he said, adding that gas losses amounted to Rs 1.5 trillion. The minister said Pakistan was at a crossroads. “If we follow the right path, we will have to make very difficult decisions.”
Miftah Ismai warned of disaster if gasoline and electricity prices were not raised. “If the IMF does not accept that we default, we will not be able to buy oil on the international market in July,” he said, adding that the government was due to return $21 billion to the world next year.
“There will be a current account deficit of $16 billion this year and $40-42 billion will be needed next year for loan repayments. The Asian Development Bank and the World Bank would not give money without the agreement of the IMF. The world views us as bankrupt,” Miftah said, adding that the former prime minister slashed petrol prices last February.
Miftah Ismail said that the current government has launched a fixed tax scheme for traders. “The Benazir Income Support Program (BISP) would include 6 million people in the income support program. Four million people texted BISP for Rs 2,000 in the last 10 days,” he said they had given incentives to the agricultural sector in the budget.
Federal Board of Revenue (FBR) Chairman Asim Ahmer said the budget took care of the poor segment of society. “In the budget, relief was also granted to the salaried class. President FBR the finance bill focuses on direct taxes. We will collect Rs 7 trillion in revenue next year 2022-33,” he said hoping that this year FBR would be able to meet the target of Rs 6.1 trillion in revenue.