'May not have much time': Pakistan Finance Minister hints at early exit amid economic crisis

Finance Minister Miftah Ismail was speaking at an event in Karachi's Institute of Business Administration (IBA).

Pic Credit: File Photo

Karachi: Amid dissatisfaction within the new coalition government of Pakistan led by Shehbaz Sharif, Finance Minister Miftah Ismail has hinted at his early exit, saying that although the coalition government has 13 months, he may not have that much time. His statement comes in the backdrop of dissatisfaction within Pakistan Muslim League - Nawaz (PML-N) over the government`s policies.

In his address during an event at Karachi's Institute of Business Administration (IBA), the finance minister spoke at length about politics, national growth strategy, tax collection, increasing population and other important issues hampering economic stabilisation, reported Geo News.

"The government has 13 months but I may not have that much time," said Ismail.

Notably, Pakistan Peoples Party (PPP), Jamiat Ulema-e-Islam-Fazl (JUI-F) and PML-N are part of the new coalition government of Pakistan. Moreover, Pakistan`s economy is teetering amid record-high inflation. PML-N supremo Nawaz Sharif had recently left a government meeting over a petrol price disagreement and expressed anger with the minister for increasing the fuel prices, according to party vice president Maryam Nawaz, reported Geo News.

According to senior journalist Suhail Warraich, who met the PML-N supremo in London, Nawaz Sharif was not pleased with the party`s narrative, saying that Prime Minister Shehbaz Sharif should himself reach out to the masses to explain the government`s policies and causes of inflation.

"Utterly dissatisfied with Miftah Ismail, the former premier believes only Ishaq Dar can bolster the country`s battered economy," he told Geo News.

Apart from the disappointment over his performance within party ranks. As per law, a person can be made a minister for six months and has to get elected as a senator or a MNA after that time.

Speaking at the IBA event, Miftah Ismail said that the government took difficult decisions in difficult situations as their first priority was to revive the International Monetary Fund`s loan programme."We contacted IMF soon after coming to power and with prudent policies saved Pakistan from default."

Earlier, Imran Khan-led PTI government signed an agreement with the Washington-based lender and then violated the terms of the agreement by announcing subsidies on petroleum products, he said.

The finance minister lamented that the country`s population is increasing at a rate of 2.4 per cent, reported Geo News. He said that Pakistan "has not defaulted and will never default", adding he feels ashamed asking for loans.

"No one wants to give tax in Pakistan," he lamented further. He said that the scope of the tax net is being increased and the business class is being brought under the tax net. Ismail said that flash floods have caused devastation on a large scale in the country.

"Rs 28 billion have been disbursed through Benazir Income Support Programme in a transparent manner in order to provide relief to the affected people," he said.

He said that initially an amount of Rs 25,000 is being transferred to affected families so that they can meet their food supply needs, reported Geo News. The finance minister said that the flood-affected people "will not be abandoned in this testing time and will be compensated utilising all available resources, even if it means diverting Public Sector Development Programme (PSDP) funds for their rehabilitation".