No plans to approach IMF for bailout package: Miftah

No plans to approach IMF for bailout package: Miftah

ISLAMABAD: Finance Minister Miftah Ismail says the government has no plan to approach the International Monetary Fund for a bailout package.

Speaking at a post-budget news conference in Islamabad on Saturday, he said the measures taken by the government since December last year including changes brought to the currency markets will help it avoid seeking another bailout.

He said foreign exchange reserves will further increase in the month of June. He said the government today secured one billion dollars financing. 

The Finance Minister that the budgetary proposals for the next year envisage both relief and tax measures.  

He said efforts are being made to bring more people to tax net and salaries of the Government employees enhanced in the new budget.

Miftah Ismail clarified Petroleum Development Levy has not been increased rather its limit has been increased from 1st July.

To a question about circular debt, the Finance Minister said that we set up power plants of twelve thousand megawatts. He said the government has approved one hundred billion rupees to bring down the circular debt. This will take the circular debt to three hundred and fifty billion rupees which is manageable.

The Finance Minister said that we have set the target of reducing the fiscal deficit to four point nine percent during the next fiscal year. He said reducing the fiscal deficit will also help reduce the current account deficit.

Special Assistant to the Prime Minister on Revenue Haroon Akhtar said the government has taken two major steps to check the current account deficit.