KARACHI: While stating that Pakistan was moving in the right way on Friday, Finance Minister Miftah Ismail could not completely rule out the potential that the nation may experience difficult times in the future.
The finance minister spoke at a gathering at the city’s Pakistan Stock Exchange (PSX) and said: “Although we are moving in the right direction, there may yet be dark days. We are on the right track, though, and if we can limit our imports for three months, we can increase our exports in a number of ways.
“When it took office, the current administration had a difficult task ahead of it: removing oil and power subsidies. However, after much thought and consideration, it succeeded in doing so since the nation required the IMF’s assistance (IMF).
The IMF and Pakistan achieved a staff-level agreement last month after months of the government’s profoundly unpopular belt-tightening. Since assuming office in April, the administration has practically eliminated fuel and energy subsidies and put new revenue base-expansion measures into place.