– Says new investors won’t be asked about source of money
ISLAMABAD, February 28: At a time when crude oil prices are setting new highs, Prime Minister Imran Khan has announced to slash prices of petroleum products and electricity to provide relief to the poverty-stricken people.
In his 40-minute address to the nation on Monday, the prime minister said that prices of petrol and diesel will be reduced by Rs10 per litre and electricity by Rs5 per unit. “We are anticipating that oil prices will not go down amid the Ukraine crisis… so instead of increasing their prices we have decided to slash petrol and diesel by Rs10 per litre,” he said.
He said the government is working on building 10 dams that would help save Pakistan from global price fluctuation as power would be generated through the hydel system in future.
He said the government has also decided to increase the Ehsaas programme’s cash handouts from Rs12,000 to Rs14,000 and added that jobless graduates would be awarded internships and a stipend of Rs30,000. Moreover, 26,000 scholarships – costing Rs38 billion – will be given to students, he said.
The premier announced a complete tax exemption for the IT sector – companies and freelancers – adding that no foreign exchange restriction will be imposed on them. Moreover, IT startups will no longer have to pay capital gains tax.
Talking about industries, the PM said the people seeking to install industries or invest in the country would not be “asked any questions,” and a package would be announced later. He also said overseas Pakistanis eyeing to invest in local industries will be given a five-year tax exemption.
He said his recent visit to Russia was aimed at strengthening economic ties. He also briefly touched on his visit to China where attended the Beijing Olympics, saying the result of the visit will be visible with the start of the CPEC second phase. He further said his recent visits to China and Russia will have a far-reaching impact on the country’s economy.
The prime minister said, “We are going to import two million tonnes of wheat from Russia as well as striking a gas agreement, while we have better understanding on the second phase of China-Pakistan Economic Corridor.” – NNI
