Finance Minister Miftah Ismail said that Pakistan has averted a Sri Lanka-like situation in an interview with CNBC.
After the significant policy changes and measures taken by the coalition government, Finance Minister Miftah Ismail said that Pakistan has been saved from becoming Sri Lanka.
Miftah Ismail stated that serious worries about Pakistan heading the way of Sri Lanka have been averted and said that the rupee has come back about 7% against the US dollar in the last week.
According to the finance minister, the country has reached a staff-level agreement with the International Monetary Fund (IMF) and the board approval is expected soon. He also highlighted the austerity measures taken by the government, including the end of fuel and power subsidies.
Miftah Ismail further stated that the government took tough measures to steer the country out of the economic crisis although these measures brought “a lot of pain” to the people, they were necessary. He also added that “the taxes have also been increased and the country is now headed in the right direction.”
