PM Shehbaz announces ‘inflation will increase after IMF agreement’

ISLAMABAD: Prime Minister Shehbaz Sharif has announced that inflation will further increase after the International Monetary Fund (IMF) loan agreement, ARY News reported on Wednesday.

While addressing a press conference in Islamabad today, PM Shehbaz Sharif said that the federal government imposed new taxes on big companies in the mini-budget and protected the common man from bearing the financial burden.

Inflation wave after IMF agreement

He said that the talks with the IMF entered the final phase and indeed, the inflation will go up after the agreement. “We have to meet the IMF conditions. In the supplementary budget, mostly taxes are imposed on the luxury products.”

He said that the finance minister was trying to stabilize the currency value. He added that Pakistan met all conditions set by the IMF for the staff-level meeting. PM Sharif said that the Fund also set a condition to reduce the subsidies and the government is implementing it.

The premier said that the poverty rate has increased in the country and the government took effective steps for poverty alleviation.

He admitted that the middle-class segment of society had always sacrificed willingly or unwillingly in 75 years and poor people had always suffered a lot even it is a war or a natural disaster.

PM Shehbaz Sharif said that the elites had never played their due role for the country. PM Sharif said that the elites had never played their due role for the country. He announced that the burden of new taxes will be imposed on the elites.

The premier said that the country will be brought out of the economic crisis by joint efforts.

‘No special salaries, perks’

The premier said that the political leadership took important decisions today. “All ministers, advisers and special assistants will not receive special salaries and perks. The ministers will now pay gas, water and electricity bills from their own pockets.”

“Luxury vehicles are being taken back from all cabinet members which will be auctioned and only one security vehicle will be deputed to the ministers where it is needed. The assisting staffers will not be allowed to pay foreign visits and all government lawmakers will use economy class for domestic travelling. The ministers will not stay at five-star hotels during their foreign visits.”

PM Sharif said that the government will cut ministerial and departmental expenditures by up to 15%.

Energy conservation plan

PM Sharif said that the government is going to strictly implement its energy conservation plan from today and electricity will be disconnected to the markets if they are not closed at 8:30 pm.

Toshakhana record being made public

PM Shehbaz Sharif said that the government is going to make Toshakhana record public. “From now on, an individual can only acquire a Toshakhana gift worth up to $300.”

Austerity measures

The premier said that the provinces will also be asked to implement the recommendations. He added that austerity measures will give positive results.

General elections

PM Sharif said that general election is a constitutional requirement. The election commission presented its stance regarding the Punjab and Khyber Pakhtunkhwa (KP) elections, he added.

The premier said that the government will follow the recommendations of the electoral watchdog.

He announced to write a letter to the president to condemn his ‘unconstitutional move’.

IMF agreement to be made public

Finance Minister Ishaq Dar announced to release the IMF agreement on a website.