ISLAMABAD: Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha said on Thursday that the government’s effective measures ensured that Pakistan avoided bankruptcy.
Replying to a Calling Attention Notice in the Senate — raised by Sania Nishtar regarding the current status of the economy, the short and long term distortions creating the unprecedented challenges for a poor man — the minister said the country was on verge of bankruptcy but it was avoided because of the good management policy of the government.
According to the national news agency, Dr Aisha Ghaus Pasha said that the government inherited a fragile economy and the devastating floods made matters worse.
She informed that all commercial banks have been directed to open LC for import of food items, medicines and fuel and added only import of luxury items had been curtailed.
She said relief was being provided to common people through Benazir Income Support Programme (BISP), Pakistan Utility Store Corporation (USC), National Disaster Management Authority (NDMA) and Kissan Package.
Dr Aisha Ghaus Pasha said the Russia-Ukraine war, global recession and devaluation of currencies against dollar multiplied the problems of various countries including Pakistan. The government reviewed International Monetary Fund (IMF) programme and had to take major steps to put the country on the right track, she added.
The minister said the government was determined to protect the poor segments of the society. “All the political parties should stand united while rising above political interests to steer the country out of the current quagmire”, she added.
Earlier, Dr Sania Nishter said the country’s exports had plunged and the current account and fiscal deficits were continuously witnessing upward trend.
Inflation and unemployment have made the life of common people miserable, he said.