27.1 C
New York

UAE investing $1bn in PSX, says Miftah Ismail

Published:


Finance Minister Miftah Ismail addresses a press conference in Karachi on August 6. Photo: Geo News/screengrab
Finance Minister Miftah Ismail addresses a press convention in Karachi on August 6. Photo: Geo News/screengrab    

KARACHI: In a bid to increase bilateral financial ties, Finance Minister Miftah Ismail on Saturday confirmed that the United Arab Emirates (UAE) was investing in the nation’s inventory alternate.

Earlier, the UAE expressed its intention to take a position $1 billion in Pakistani firms in numerous financial and funding sectors. According to the Emirates News Agency, the transfer goals to discover new funding alternatives and areas for cooperation in tasks throughout numerous sectors, in order to increase bilateral financial relations in the very best curiosity of the 2 nations.

Addressing a press convention in Karachi, Miftah Ismail stated the ban on the import of luxurious gadgets will proceed until subsequent month, as it’s in the curiosity of the nationwide economic system.

He maintained that the nationwide economic system is shifting in the proper course because of prudent insurance policies of the federal government and steps are being taken to stabilise it.

Responding to a query concerning the rupee’s upward trajectory towards the dollar, the finance minister clarified that neither the State Bank nor he had “directly intervened” to convey the greenback’s worth down.

Criticising the earlier PTI authorities, the minister stated that the nation’s imports final 12 months stood at $80 billion whereas its exports have been a mere $31 billion, including that the present account deficit was $17.5 billion whereas the commerce deficit stood at $18 billion.

The nation’s general mortgage swelled to Rs42,000 billion from Rs25,000 billion through the PTI’s tenure, he added.    

“If you create such a wide deficit, there will be pressure on the rupee,” stated the minister.

‘Problems will continue to prevail until September’

“Problems will continue to prevail until September,” he added.

Referring to the robust determination taken by his authorities, the minister stated that after coming into energy they’d determined that they’d not let the nation default.

“The government has set the exports target at $35 billion for the current fiscal year,” he added.

Stressing the necessity for austerity measures, Miftah stated that he feels disgrace whereas in search of loans from the world. He urged the nation to contribute to the Prime Minister’s reduction fund.


“Thankyou www.thenews.com.pk For Providing This News.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Recent articles