Ishaq Dar vows to bring dollar below Rs200

ISLAMABAD: Federal Minister For Finance and Revenue Ishaq Dar on Thursday announced providing subsidized electricity to Pakistan’s export industries with per unit electricity cost set at Rs19.99.

Addressing the media after negotiations with the Pakistan Textile Exporters Association (PTEA) in Islamabad, the finance minister said that all distribution companies will provide electricity to country’s export industry at Rs19.99, adding that government would bear the difference between the new fixed price and the actual per unit production cost.

Dar went on to say that the “all-inclusive” package was announced for the five major exporting sectors, and not just the textile sector. He urged the business community to enhance Pakistan’s exports for the country’s betterment.

“I expect the industries to now increase Pakistan’s exports,” he said, adding that Pakistan’s external account problems can only be resolved through improving export sector.

He further said that the coalition government under the leadership of Prime Minister Shehbaz Sharif was making all-out efforts for assisting the business community and farmers to put country’s economy on the right track.

Ishaq Dar vowed to bring back rupee at its original value which is less than 200 against US dollar. “I can genuinely prove that its (dollar) actual value is below Rs200,” he added.

It is pertinent to mention here that the rupee, which had fallen close to an all-time low of Rs239.71 on Sept 22, has been recovering since Dar replaced Miftah Ismail as finance minister. It has gained Rs17.77 or 7.41pc in the last nine sessions.