Declining int’l prices to bring down inflation in Pakistan: Miftah

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<<Finance Minister says Pakistan-IMF deal ‘imminent’>>

Federal Minister for Finance and Revenue, Miftah Ismail said here on Thursday that declining trend in international food and fuel prices would help bring down commodity rates in Pakistan.
Addressing a press conference, the federal minister said that per barrel crude oil prices have come down to $100 from $123 while the prices of edible oil and ghee have also declined from the highest $1700 per ton to $1000 per ton.
He said that the government would pass on the benefit of decreasing international fuel prices to the people at an appropriate time, while the prices of edible oil were also expected to come down by Rs100 to Rs150 to make the commodity available at Rs350 to Rs370 per kilogram.
The minister said that the government was already providing flour and sugar at the rate of Rs40 and Rs70 respectively through Utility Stores Corporation. The prices would further come down keeping in view the downward trend in international wheat prices.
The minister said the economy was under control as the incumbent government saved it from collapse despite huge damages inflicted by the previous regime. Currently, most of the economic indicators were stable.
He said, the government presented a balanced budget, wherein rich were made to sacrifice and poor provided initiatives, adding that the budget measures are expected to lead to Meanwhile, Finance Minister Miftah Ismael said on Thursday that the country was close to striking a deal with the International Monetary Fund (IMF).
Addressing a press conference in Islamabad, he said that the government gave relief to the poor in the budget presented on June 10, 2022 while levied taxes on the money class.
“We have resurrected the country’s economy, and are now stabilizing it further. We are very much in-charge of the affairs,” he claimed.
Asserting that increasing the prices of items of essential use was necessary, the minister said that soon the prices of ghee and cooking oil would come down by Rs150 per kilo in the country after their plunge in the international market.
Similarly, he assured, people in Pakistan would be able to benefit from drop in petrol prices in the global market at an appropriate time. “The government is trying to ensure the sale of one kilo of flour at Rs70,” he announced.
The finance minister did not forget to accuse the last government of Pakistan Tehreek-i-Insaf (PTI) of ‘corruption’ and ‘incompetence’. “Today, we are paying the price of the last government’s ‘incompetence’,” he added.

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