Finance Minister Miftah Ismail announced on Saturday that the United Arab Emirates (UAE) has invested in the nation’s stock exchange in an effort to strengthen bilateral economic ties.
The UAE previously announced its willingness to invest $1 billion in Pakistani businesses across a range of economic and investment sectors. The action is intended to seek new investment possibilities and areas for collaboration in projects across multiple industries in order to strengthen bilateral economic relationships in the best interests of the two nations, according to the Emirates News Agency.
Miftah Ismail stated during a news conference in Karachi that the national economy requires the importation of luxury goods to be prohibited for the foreseeable future.
He insisted that wise government policies are driving the country’s economy in the right direction, and that efforts are being done to stabilise it.
The finance minister underlined that neither he nor the State Bank had “personally interfered” to devalue the dollar in response to a query concerning the rupee’s rising trend versus the dollar.
The minister, who was critical of the previous PTI administration, stated that the country’s imports were $80 billion last year while its exports were just $31 billion. He also stated that the trade deficit was $18 billion while the current account deficit was $17.5 billion.
During the PTI’s rule, the total amount of the country’s loans increased from Rs25,000 billion to Rs42,000 billion, he said.
The minister warned that the rupee would be under pressure if such a large imbalance was created.
Problems will last until September, according to
He continued, “Problems will persist into September.
The minister made reference to the difficult choice made by his government, saying that after assuming office, they determined they would not allow the nation to fall into default.
“For the current fiscal year, the administration has set the exports target at $35 billion,” he continued.
Miftah emphasised the necessity of austerity measures by claiming that he feels ashamed when asking for loans from the outside world. He pleaded with the populace to give to the prime minister’s relief fund.
