PM Shehbaz would soon announce austerity measures and there was no financial emergency in country
Pakistan Out of Financial Crisis after Petroleum Price Hikes: Miftah Ismail. Federal Finance Minister Miftah Ismail said that multiple increases in petroleum prices have brought Pakistan out of financial crises. On Twitter, Miftah wrote “PM Shehbaz Sharif would soon announce austerity measures and there was no financial emergency in country.” He was commenting after a massive price increase in petroleum prices.
“After two increases in petrol prices, we are out of the financial crisis,” Miftah added.
Finance Minister further wrote, “Incumbent government has no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people private lockers and speculation on social media about this is wrong and coming from biased quarters.”
He was referring to the increasing concern of investors towards poor economy. There are serious concerns regarding Pakistan financial strength amid failing economy. However, the minister clarified through his social media announcement that the country is out of crisis.
Interestingly, the rupee hit an all-time low of Rs202.01 against the dollar on May 26, 2022. It was one of the highest it has touched since recorded history of rupee vs dollar. Pakistan’s economy is also facing severe economic challenge after removal of Mr. Imran Khan from the government. There are continuous street protests across the country demanding fresh elections. Moreover, the inflation is also skyrocketing. With this scenario, the government continues to use social media to promote its version of a better economy in the country.
