ISLAMABAD: Finance Minister Ishaq Dar on Thursday announced to ensure supply of electricity to exporters at subsidized rates, fixing the price at Rs 19 89 paise per unit.
Dar, addressing a press conference after interacting with the business community, said, “All distribution companies will supply electricity to the exporters at these rates and the difference between the actual prices and the subsidized rates will be met by the finance ministry. “
The finance minister said that the coalition government under the leadership of Prime Minister Shehbaz Sharif is making every possible effort to help the business community and farmers to steer the country’s economy in the right direction.
He urged the business community to increase Pakistan’s exports for the betterment of the country. “Pakistan’s external account problems can only be solved by improving the export sector,” Dar emphasized.
Dar said the annual subsidy burden would be around Rs 90-100 billion, adding that the “all-inclusive” package was announced for five major export sectors, not just the textile sector.
He denied that the subsidy would have any impact on the core or budget deficit, assuring that “everything will be taken care of”.
‘Market Is Moving In The Right Direction’
The minister said that without him doing anything, the rupee began to recover as soon as he took over as finance minister, assuring that economic policymakers were making efforts to bring the rupee back to its original value. Which is less than 200 rupees. U.S. dollar.
Dar claimed that the market is moving in the “right direction” and is correcting itself.
Today, the appreciation of the rupee has reduced government debt and liabilities by about Rs 2,600 billion and “not a single rupee has been returned,” he added.
The finance minister also addressed the continuous depreciating value of the US dollar against the rupee, saying that this development happened without his doing anything.
‘I Don’t Need To Trust The IMF’
Asked whether the International Monetary Fund (IMF) was taken into confidence on the package, the finance minister said: “I don’t need to take [the IMF] into confidence when I know that I what am i doing Then it is my responsibility to create [financial] space for that and I have done that.
Dar added that he believes in taking “wise decisions” and has a source of funds available for the package. “[I will explain it myself] when I talk to them [the IMF delegation] and when they arrive on October 25,” he added.
