Pakistan saved from bankruptcy, says Miftah Ismail

Chinese banks' consortium deal finalized, inflow of dollars expected tomorrow or on Monday

Amid talks of an understanding with the International Monetary Fund and an agreement with a Chinese consortium of banks, Finance Minister Miftah Ismail has announced that Pakistan had been saved from bankruptcy.

Talking about the deal with the Chinese banks’ consortium, Miftah said that the deal had been finalized and the inflow of dollars was expected either on Friday or Monday. He also said that China had decided to roll over its safe deposits due in June-July.

The finance minister was addressing a press conference with Information Minister Marriyum Aurangzeb; Miftah said that more taxes would be imposed upon the rich to increase tax collection in the country.

He blamed the previous PTI government by saying that Imran Khan had taken Pakistan to four biggest budget deficits and that in the previous government’s tenure, the difference between expenses and taxes was the highest.

He said that Pakistan had closed the deal with the IMF and the federal budget for the fiscal year 2022-23 would be closed on Friday after his speech in the National Assembly. Miftah said that indirect taxation had been imposed.

The finance minister said that more than one percent super-tax would be imposed on people earning more than Rs150 million; two percent tax on people earning more than Rs200 million; three percent on people earning more than Rs250 million and four percent on those earning more than Rs300 million annually.