PTI’s fuel subsidy pushed country to bankruptcy: Miftah

ISLAMABAD - Federal Minister for Finance and Revenue Miftah Ismail on Saturday said that the incumbent government has saved the country from default, as the previous government of PTI had set up a fuel subsidy trap for the coalition government, which drove Pakistan towards bankruptcy.

In a series of tweets, finance minister has once again criticised the economic policies of the previous government. He shared the details of economic figures during the tenure of PTI’s government.  Pakistani rupee was at 122 to a dollar when Imran Khan came to   power in 2018. However, currency was depreciated to Rs190 by end of previous government’s tenure in April 2022. Meanwhile, the volume of public debt has also increased in the tenure of PTI government from Rs25000 billion to Rs44,000, he added.

Miftah Ismail said that Pakistan’s trade deficit has also swelled to the higher level during the last year of Imran’s government. “In his last year, Pak imported goods worth $80 billion and ran the nation’s highest trade deficit. In each of his 4 years he ran the highest budget deficits in our history”.

He further said that the country’s energy sector performance has also deteriorated in last four years. The previous government has left the energy sector in a serious mess. With no provision or contracts for gas or fuel, the circular debt in power sector has increased to Rs2500 billion and to Rs1500 billion in gas sector. He said that last year alone, addition to power circular debt was Rs850 billion.

Finance minister claims previous govt violated IMF deal to give tax amnesty to its ‘friends’

Finance minister said that previous government had broken the IMF agreement to give his friends/ATMs another tax amnesty. Meanwhile, it had set up a fuel subsidy trap for the next govt, which drove Pakistan towards bankruptcy. “We are the ones who have picked up the pieces at the cost of our political capital. We have saved Pakistan from default and are proud of it,” he explained.

Miftah Ismail also criticised the former prime minister for different corruption scandals. “From Toshakhana watches to foreign funding to giving confiscated £190 million back to demanding jewellery to Farah Khan wielding power & taking bribes, we know who the real thief is.

We know who is corrupt, untruthful & incompetent,” he said, adding, Imran Khan   alone is responsible for the economic mess.

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