Pakistan’s economy in no dire straits, says Ismail

As liabilities on the power sector and tax refunds’ fronts cross Rs1.3 trillion, Ismail said the government did not have fiscal space to clear all these obligations before general elections – deviating from a commitment given by the former finance minister.

But the government would give Rs140 billion to the power sector within two weeks including Rs60 billion from the budget, said Ismail. He added that the government was also finalising a plan to give tax refunds.

“Alas! I had money” to clear all circular debt and tax refunds, said Ismail while responding to a question whether he would honour the commitment given by his predecessor about clearing financial obligations before the government ends its tenure.

Published in The Express Tribune, 17th March, 2018