Mufta Ismail: We must change the decades-old practices so that the country can live within its resources. A permanent ban on the importation of upscale goods is unavoidable, he says. Nothing could be accomplished in a year, but we could begin work, he adds.
The floods and rains could have a negative economic impact of more than $10 billion. Miftah Ismail has given priority to reducing Pakistan’s trade and current account deficits. The IMF approved a bailout package for Pakistan on August 29, ending the threat of an immediate default.
Miftah Ismail said Pakistan’s inflation rate is at its peak and predicted that inflation will average 15 percent for the year. The increase in the prices of vegetables etc. due to floods and rains is reducing because the federal government has taken steps to import vegetables from neighboring countries.
Pakistan has restricted a number of imports, including automobiles and vehicle parts. Toyota Motor Corporation and Suzuki Motor Corporation temporarily halt production. Pakistan’s exports are heavily dependent on textiles, and a large part of the cotton crop was washed away. The government will allow the textile industry to import as much cotton as is needed.
Desk, Web. “قوم کو پرانے طور طریقے بدل کر اپنے وسائل میں رہنا ہوگا، مفتاح اسمٰعیل – Pakistan – Dawn News.” Dawn News Television, 4 Sept. 2022, www.dawnnews.tv/news/1187503.