We have saved economy from default and moved towards stability: Miftah Ismail

ISLAMABAD, July 07 (SABAH): Minister for Finance and Revenue Dr. Miftah Ismail Ahmed said on Thursday that the price of edible oil and ghee has seen a reduction and hoped that the lower prices would translate to an Rs100 – Rs150 reduction in edible oil prices in the local market. He said that soon the prices of ghee and oil will come down to Rs 350 or Rs 400 per kg. He said that ghee and oil prices at international market had reached at $1700 per tonne have come down on $1000 per tonne again. Miftah Ismail said the economy has come under control. He said that instead of galloping corruption of Pakistan Tehreek-e-Insaf (PTI), ineligibility of Imran Khan and landmines installed by PTI government for us and challenging environment being faced by us at the international level, we have saved economy from default and moved towards stability. He said that many things have been stabilized and controlled.
Addressing a press conference along with Ministry of Finance, Privatisation Committee member Bilal Kayani, the finance minister said he was also optimistic about lower prices of petroleum
products in the near future and said that as the price of crude in the international market had come down to $100 from $123, the people of Pakistan will ‘benefit’ from lower prices at the ‘right time’. He said that the government will pass on the benefit of decreased petroleum prices to masses at right time.
Miftah Ismail added that reduced prices will also reduce Pakistan’s import expenditure.
Criticising the Pakistan Tehreek-e-Insaf (PTI) government, the finance minister reiterated that the previous government had left an economic minefield, but despite challenges, the economy was now stabilising and foreign exchange reserves were improving.
Miftah Ismail added that Imran Khan’s government left a ‘historic trade deficit’ and second biggest current account deficit. -SABAH