Post-budget: No choice other than going for difficult decisions, says Miftah Ismail  

ISLAMABAD: Finance Minister Miftah Ismail on Saturday said that there is no choice for the government other than going out for difficult decisions, ARY NEWS reported.

Speaking during the post-budget presser while flanked by State Minister of Finance Aisha Ghous Pasha and Information Minister Marriyum Aurangzeb, the finance minister said that the nation and history would not forgive them if Pakistan faces a Sri Lanka-like situation.

“Next year, the country will face a budget deficit of Rs4598 billion,” he said.

Speaking over subsidies, he said that the subsidies on electricity and gas cost the country around Rs1100 billion and Rs1600 billion respectively. “The previous government supplied costly LNG to consumers on subsidized rates,” the finance minister said and added that such measures could lead the country towards a default if not halted immediately.

He said that the government was taking necessary difficult decisions and asked media to take into account the current situation and avoid unnecessary criticism. “We are not taking this money collected through difficult decisions to our home,” he said.

Miftah Ismail said that in the budget, they have proposed the collection of more money from rich segments of the society rather than overburdening the poor and middle classes.

“We have introduced fix taxes and will also add 2.5 million shopkeepers in the tax net to broaden its base,” he said.

“The prices of palm oil have reached a record high in international markets and the prime minister yesterday spoke to the Indonesian president for restoration of supplies in order to ease pressure on local; prices,” he said.

Speaking on a hike in salaries of employees despite austerity measures, Miftah said that they were able to set aside the money from the amount left in the exchequer.

He further said that the government intends to privatize 14 public institutions and a plan would soon be introduced. “We could soon privatize one or two companies.”

It is pertinent to mention here that Finance Minister Miftah Ismail presented the budget for the financial year 2022-23 (Budget 2022-23) in the National Assembly on Friday.

The federal budget 2022-23 has a total outlay of 9502 billion rupees has been announced, encompassing measures for what the government termed ‘sustainable economic growth, industrial and agriculture development and relief for the poor people’.