Fuel subsidy causing severe stress on ecomony: Miftah Ismail

Finance Minister Miftah Ismail has said that the terms of the deal with the International Monetary Fund (IMF) and fuel subsidy have caused the economic turmoil in the country, ARY News reported. 

The PML-N leader said the country’s economy will take off as soon as we rid ourselves of the IMF’s trap. It is not easy to revive the economy from the disastrous condition the PTI left it in, Miftah said. 

He said that subsidising petroleum products is causing severe stress on the finances of the country. The government has to take more loans to maintain the subsidy over petroleum products, he added. 

PTI took record loans of $20 billion in their three years, which caused the economic collapse, Miftah said. 

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The PTI government left us with only $10.5 billion in foreign reserves, which was sufficient for only 45 days of payments. The local currency and markets improved as soon as the new government took charge, he said that he is hopeful that the economy will be revived soon, he added.

The PML-N leader said that Imran Khan will be held accountable for the economic disaster he caused in three years of his government.