Islamabad [Pakistan]July 23 (ANI): While Pakistan’s economy is headed for disaster, its government is assuring citizens that Islamabad’s economy is stable.
Dawn reports that the Pakistani government is trying a “glass half full” approach due to the economic crisis.
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The country’s economic managers continued to reassure on Thursday that Pakistan was not headed for default, that the rupee had stabilized — even as it fell 0.83 percent — and that the country had enough gasoline to last more than a month.
In his press conference with Finance Minister Miftah Ismail, Defense Minister Khawaja Asif recently called for a complete end to the ‘executive allowance’ given to top civil servants and other similar luxuries at government expense, where the prime minister raised concerns in a cabinet meeting. Record devaluation of the local currency against the dollar, Dawn reported.
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Separately, Energy Minister Khurram Dastgir insisted that the country’s reserves of petroleum products are at “record levels”.
Defense Minister Khawaja Asif on Thursday called for a complete end to ‘executive allowance’ paid to top civil servants and others, acknowledging that the government’s ongoing policy measures coupled with external factors will push many middle-class people below the poverty line. A similar luxury lifestyle at public expense.
“Permanent government, I mean the bureaucracy and others should jointly share the burden so that the common people feel that they are not paying the price alone, the entire nation has shared,” Asif told reporters.
Meanwhile, the Pakistani rupee depreciated to 227 to the dollar from 204.85 on June 30.
Asif also said that the size of Pakistan’s government should be reduced as much as possible under the given circumstances. He stressed the need to change the pattern of habits and said that business should be restricted to daytime only.
Responding to a question, Asif said a delegation had returned from Kabul and arrangements would now be made to increase coal imports for power plants, Dawn reported.
However, it is worth noting that the Taliban government has once again hiked the price of coal, this time to USD 80 per tonne, Geo News quoted media reports as saying. Coal prices increased by USD 200 to USD 280 per tonne.
He said the State Bank of Pakistan has also taken steps to discourage imports. In response to a question, he said that the SBP governor will be appointed next week and its board of directors will be informed anytime.
Meanwhile, Energy Minister Khurram Dastgir on Thursday insisted that the PML-N-led coalition government’s commitment to stabilize the economy and prevent the effects of an “international energy crisis” from manifesting here was clear as petroleum product stocks were at “record levels”. “
However, the biggest indication of the country’s economic instability was that it had run out of petroleum products, Dawn reported.
The Cabinet meeting chaired by the Prime Minister on Thursday claimed that it would bring down the rampant prices of petroleum products in the country by next month.
Finance Minister Miftah Ismail told the meeting that all necessary steps are being taken to reduce the dollar rate and the rupee will stabilize against the dollar within the next month.
Meanwhile, according to the Prime Minister’s Office, Shehbaz Sharif expressed concern over the record depreciation of the local currency against the dollar. (ANI)
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