Ishaq Dar asked me to slash provincial shares: Miftah Ismail

Ishaq Dar, provincial shares, Miftah Ismail

ISLAMABAD: Former finance minister and Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail has claimed that incumbent Finance Minister had asked him to slash provincial shares amid the economic crisis, ARY News reported.

Speaking on ARY News programme ‘11th Hour’, the PML-N leader said that the incumbent finance minister used to give ‘wired’ advice to party’s supremo Nawaz Sharif, adding that Dar also sometimes scold him and other members.

“Ishaq Dar once asked me to slash provincial shares. How can we take such measures after 18th amendment in the Constitution,” Miftah Ismail asked.

In response to a question, the former federal minister said that everyone knows who Suleman Shehbaz – son of Prime Minister (PM) Shehbaz Sharif – was targeting in his tweet, expressing ‘displeasure’ over the remarks.

Miftah further said that he was also jailed “but unfortunately the party forgot us”.

Read More: Ishaq Dar promised to bring down dollar rate to Rs180, slams Miftah Ismail

Responding to another question, the former minister hoped that negotiations with International Monetary Fund (IMF) will be successful. He added IMF had demanded to remove cap on Dollar and increase petroleum prices.

Giving further details, he said that another IMF’s condition was to end the subsidy given to electricity companies. “The Fund’s third condition was to increase prices of electricity and gas,” he added.

Read More: Pakistan-IMF deal to be sealed this month: PM Shehbaz Sharif

He also lauded the decision to remove dollar cap, saying that default risk was increasing so people started buying dollars and gold. “If the government reaches an agreement with the Fund, the default risk will end,” he reiterated.

It is pertinent to mention here that the Exchange Companies Association of Pakistan (ECAP) has decided to remove the cap on the US dollar in a bid to end ‘artificial’ demand in the market.

In a statement, ECAP secretary Zafar Paracha said that the association was withdrawing the cap on the US dollar in the “nation’s interest” as the limit was causing adverse effects.

The statement noted that there was artificial demand in the market as people would buy the dollar from us and sell it in the grey market.

“As a result, the business was shifting from official channels to the grey ones, hurting not only the reserves but also dealing losses to the exchange companies,” Zafar Paracha added.



from ARY NEWS https://ift.tt/4vPOiH9

Comments

Post a Comment

Popular posts from this blog

War-torn Sudan faces ‘catastrophe’ as UN runs out of funds

Image
Of nearly 25 million people in need, the United Nations has only been able to reach a fraction, according to the head of the UN’s humanitarian response in war-torn Sudan. But assistance to even those four million could soon stop, Clementine Nkweta-Salami told AFP in an interview, if the chronic lack of funding continues. The UN’s humanitarian Coordinator for Sudan says eight months into a conflict between rival generals that has torn the country apart, the situation is “catastrophic”. Aid workers have called it the “forgotten war”. On April 15, army chief Abdel Fattah al-Burhan and his former deputy Mohamed Hamdan Daglo, who commands the paramilitary Rapid Support Forces, turned their weapons on each other. Two years after the former allies co-engineered a 2021 coup sidelining civilians from power, their forces have killed more than 12,190 people in their brutal struggle for power, according to the Armed Conflict Location & Event Data Project (ACLED). That figure is only a c
Read more

Transport Canada declares Pakistan’s aviation security satisfactory

Image
KARACHI: In a major development, the security delegation from Transport Canada on Wednesday completed the security audit of Jinnah International Airport, ARY News reported. According to Airports Security Force (ASF), the team conducted thorough inspection of the security arrangements in place at the airport and found them satisfactory. During the audit, the ASF team comprising National Inspectors gave a briefing to the Transport Canada team. The assessment team was given briefing on security deployment, entry control, screening, issuance of passes and addressing emergency situations. The Transport Canada team commended the efforts of the ASF for taking additional measures to ensure the safety of the Pakistan International Airlines’ (PIA) direct flights to Canada. The team also termed the overall aviation security measures satisfactory at the international airports of Pakistan. It is pertinent to mention that the two-member delegation from Transport Canada arrived in Pakistan on
Read more

Woman throws eight-year-old child into Karachi’s nullah

Image
KARACHI: A tragic incident was reported from Karachi’s old Golimar area near Eidgah Ground when an 8-year-old child was allegedly thrown into the sewerage drain by a woman believed to be mentally ill, ARY News reported on Tuesday. The local police claimed that the woman – believed to be mentally ill – picked up the child, who was playing nearby, and threw him into the sewerage drain and fleeing the scene. The father of the child immediately reported the incident to authorities, which led to initiate a rescue operation. Rescue 1122 teams have been working tirelessly form past three hours in search of the missing child. On the other hand, the police are investigating the case, and efforts are underway to apprehend the suspect. from ARY NEWS https://ift.tt/c1ZzapO
Read more