LAHORE: Finance Minister Miftah Ismael has said that the economy is heading in the right direction due to government’s prudent economic policies. This he said during a meeting with Punjab Governor Muhammad Baligh ur Rehman in Lahore on Monday. During the meeting, both discussed the economic and flood situation in the country.
The Finance Minister said that imports of auto parts will be made easier to promote the local tractor manufacturing. He said that difficult decision had to be taken to save Pakistan from bankruptcy.
Speaking on the occasion, the Governor said that relief and rehabilitation of flood affectees is government’s top priority. He said Federal and Provincial governments are working in close coordination for this purpose. Days earlier, Miftah had said that withdrawal of subsidies on petroleum products and electricity was a condition of the International Monetary Fund (IMF) and was needed to put Pakistan’s economy on the right track. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday, the minister declared that the risk of default had evaporated due to tough decisions such as increase in energy prices and curtailment of imports, which slashed the demand for foreign exchange. –Agencies
