PML-N artificially controlled dollar against rupee: Asad Umar
Asad Umar held a press conference in Islamabad.
ISLAMABAD (Dunya News) - Referring to hike in the price of dollar against rupee, Finance Minister Asad Umar today (Friday) explained that previous government of the Pakistan Muslim League Nawaz (PML-N) has been artificially controlling dollar against rupee.
Addressing a press conference along with Minister of Planning Khusro Bakhtyar and Minister of State for Revenue Hammad Azhar in Islamabad, the Finance Minister said the previous governments used foreign loans to stabilize the national currency against dollar but the PTI government will not take such step. In the past, he said no effort was made to strengthen the structural foundations of the economy.
The issue of increase in dollar is linked with demand and supply, he added.
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Asad Umar said PTI government has set the economic direction of the country and the positive results of our policies will start becoming visible soon. The Minister said we need to enhance our exports in order to earn valuable foreign exchange.
PETROL PRICE CUT
During the press conference, the Finance Minister also announced that price of petrol and diesel has been decreased by 2 rupees per liter while kerosene oil by 3 rupees. The price of Light Diesel Oil has been brought down by 5 rupees per liter.
He said petroleum levy has reached at the level of 8-10 percent while the sales tax is 8 percent on petrol and 13 percent on diesel.
The new prices will be in effect from 12 am tonight.
Minister for Planning Khusro Bakhtyar said our consumption has increased while the investment is gradually declining during the last five years. He said reforms are being made in economic infrastructure. He said the new government is focused on human development for more than 120 million youth of this country. He said the untapped potential of Gwadar Port will be fully utilized, and for this purpose a research plan is being worked out. He said the exports and manufacturing base will be enhanced in the coming three to four years which will have positive impact on the economy.
Khushro Bakhtyar said the governance flaws in social structure will also be plugged by introducing the reforms. He said there is a potential of one trillion dollar in the mineral sector and a policy will be evolved to exploit the potential existing in Khyber Pakhtunkhwa, Tribal Areas and Balochistan.
Replying to a question, Asad Umar said the rupee depreciation has nothing to do with IMF package. He said Indonesia has provided to Pakistan an access arrangement on 20 things. He said Malaysian Prime Minister Mahathir Mohamad has accepted the invitation to visit Pakistan as Chief Guest on Pakistan Day in March next.
