Federal Finance Minister Muftah Ismail has said that the IMF has merged the seventh and eighth installments. Addressing a conference in Islamabad, Muftah Ismail said that the seventh tranche is worth Crore 900 million and the eighth tranche is about ً 1 billion. Pakistan could not afford the fifth deficit.
Finance Minister Muftah Ismail said that if you can’t collect taxes, don’t talk about self-reliance. When we came, Pakistan was facing 4 record budget deficits. In 154 years, 20,000 billion rupees was borrowed. Billions of rupees have to be spent on debt servicing.
Muftah Ismail said that the situation is still difficult but we are moving towards improvement, the country is out of danger of going bankrupt, we are bringing shopkeepers from all over Pakistan into the tax net.
He Further said that Rs 120 billion subsidy on petrol and diesel would have bankrupted the country. The nation is proud that it understood that the country was on the verge of bankruptcy so petrol had to be made more expensive.
Earlier, in a tweet, Muftah Ismail said that Pakistan had received a document on economic and fiscal policies, which paved the way for the resumption of the IMF program for Pakistan.