Finance Minister Miftah Ismail on Saturday said that Pakistan’s economic problems would continue till September.
In a presser after meeting the members of the Karachi Chamber of Commerce and Industry (KCCI), Miftah said: “We will face difficulties till September. You will have to pay your share of tax no matter what […] and I apologise for the difficulties everyone is facing, but my primary objective is to save the country from default.”
The finance minister said the government had to axe subsidies on petroleum products, power and broaden the tax base after ascending to power. He, however, claimed the government’s prudent policies had corrected the economy’s moorings.
He also confirmed that the United Arab Emirates (UAE) has decided to invest in Pakistan Stock Exchange.”…when I asked a [Gulf] state’s functionaries to extend loans, they spoke about outstanding liabilities. I feel embarrassed. It isn’t a good feeling…” he said. It is pertinent to mention here that the UAE had earlier expressed its intention to invest US$1 billion in Pakistani companies.