Miftah Ismail has said that the rupee would start recovering against the dollar in “two weeks”.
While speaking at a press conference on Sunday, Miftah discussed Pakistan’s future economic development and said that the Pakistani rupee would recover,
The finance minister stated, “Even though I never like to speculate on the currency market, I honestly think that the rupee’s intrinsic value is substantially more than what it is at this time.”
According to him, Pakistan had to spend “a billion and another billion” over the previous two months, which placed pressure on the local currency.
Miftah Ismail said efforts will be made to increase the amount of money entering the country each day while decreasing the amount leaving. “With our efforts to cut imports and Insha-Allah, there will be a surplus with the daily rise in entering dollars against a reduction in outgoing units.”
He continued, “This will result in less pressure on the rupee, and the dollar’s value relative to the rupee should experience a modest decline.”
He criticized the Imran Khan Government and stated that the PTI-led government increased the country’s debt by Rs20,000 billion in the last three and a half years.
According to him, Pakistan had a debt of almost $25 billion in 2018. When Imran took office, it rose to $44.5 billion. PTI added $20 billion to our debt in four and a half years, he claimed, blaming the party for “four consecutive budget deficits”.
He attributed the growing current account deficit to the PTI leader and the policies of his predecessor, Shaukat Tarin.
“The PTI was unable to match the PML-N government’s tax-to-GDP ratio in four years. We left it at 11.1 percent, and the PTI reduced it to 9 percent. Imran Khan used to promise to enhance tax collection, but he consistently decreased it,” he stated.
