Country's economy will deteriorate if power sector not streamlined: Miftah Ismail

"Rs1,110 billion has been allocated for the power subsidy this year," says Miftah Ismail

Web Desk

June 14, 2022

Finance Minister Miftah Ismail addressing a post-budget 2022-23 press conference in Islamabad on June 11, 2022. — PID

"Rs1,110 billion has been allocated for the power subsidy this year," says Miftah.
He says coalition govt's has been appreciated the most.
Ismail adds that Khan took 79% of loans taken by all PMs combined.

ISLAMABAD: Finance Minister Miftah Ismail Tuesday said that if the issues of the power sector are not streamlined, the economy would deteriorate.

Speaking at the national budget conference in Islamabad, the finance minister said that Rs1,110 billion has been allocated for the power subsidy this year. "The coalition government's budget has been appreciated the most," he added.

The finance minister said that the previous government took record loans and the government has received the notification regarding that just now.

He added that former prime minister and PTI Chairman Imran Khan took 79% of the loans taken by all the prime ministers combined.

"But former finance minister Shaukat Tarin claimed that Khan had taken 76% of the loans."

Ismail said that the development budget for this year is Rs550 billion, while the next year's development budget has been allocated at Rs800 billion.

The Shehbaz Sharif-led coalition government Friday unveiled the “toughest” federal budget for the fiscal year 2022-23 in the National Assembly with an outlay of Rs9.5 trillion amid strict conditions of the International Monetary Fund (IMF) for the revival of the $6 billion loan programme stalled since months over policy breaches.

A day after the budget was announced, Ismail revealed that the IMF is still unhappy with the government over the budget, mainly because they did not implement the Personal Income Tax (PIT) measures suggested by it.

He admitted that there was no other choice but to take more tough decisions. He said further changes would be made in budgetary allocations after 15 days.