Prime Minister should not have spoken in public on Europe issue: Shaukat Tarin – Business

Published on March 09, 2022 7:35 p.m.

Shaukat Tarin said he had no idea when oil prices would drop in the international market.

ISLAMABAD (Dunya News) – Finance Minister Shaukat Tarin said on Wednesday that Prime Minister Imran Khan had taken a stand on the Russian-Ukrainian conflict, but should not have spoken publicly on the issue of ‘Europe.

At a press conference in Islamabad on Wednesday, he called Europe and the United States Pakistan’s top export market and said national security could not be held hostage to anyone.

The minister said he had no idea when oil prices would fall on the international market.

Tarin said the government was providing a subsidy of one hundred and four billion rupees on petroleum products to relieve the people.

He said that given the skyrocketing prices of petroleum products on the international market, we have reduced the petroleum tax and reduced the sales tax to zero.

The minister went on to say that those who use seven hundred units of electricity per month will receive a subsidy of five rupees per unit for the next four months. For this, he said, we will have to provide a subsidy of Rs 136 billion.

“Negotiations have taken place with the IMF on this relief program announced by the Prime Minister,” he said and added that the IMF should have no objections to this program as we meet it on our own. resources, including improved tax revenue. He said it will not increase our budget deficit.

Tarin further said that the government has also granted an industrial relief program to promote industries in the country. He said the package envisaged tax exemption for overseas Pakistanis and incentives for the recovery of ailing industries.

He said tax exemptions have also been granted to the IT sector to significantly boost its exports. He pointed out that the IT sector grew by forty-seven percent last year and is currently growing by seventy percent. He said that we are aiming for one hundred percent growth in this sector over the next year.

Shaukat Tarin said our trade deficit has also shrunk.

Mary I. Bruner