Web Desk (LTN NEWS): Finance Minister Miftah Ismail explained the ‘Basic Memon Theory’ to reduce the deficit and said that the balance of supply and demand was equalized by reducing imports.
While talking to the media representatives at the Karachi Chamber of Commerce, Miftah Ismail said that he will remove the ban on crude from the import sector, reducing purchases to reduce the deficit, which is a basic Memon theory.
The finance minister said that after 80 billion imports, 31 billion exports, and 30 billion remittances, they cannot bear a deficit of 17.50 billion.
He said that if they stop the import of two billion, there will be mistakes, 99% of the imported vehicles are sold, and the dollar is transferred abroad again in the price of the sold vehicles.
He further said that the United Arab Emirates is investing one billion dollars in the Pakistan stock exchange, and exchange companies are surrendering large amounts of dollars in interbank every day, without exchange companies it will be difficult to run Pakistan because exchange companies play an important role in the economy.
Miftah Ismail said that it is a shame to ask for a loan from the world because, at this time the whole world is in the most difficult situation, we should look at our chador and spread our feet.
He said that the gas we bought is saving the country, cheap gas was not bought in Corona, we came to the government and decided that we will not allow Pakistan to default, we had to take difficult decisions to save Pakistan from default. Thankfully, today we are saved from default.
He said that there will be difficulties till September, the value of the dollar is the result of demand and supply, the dollar has come down due to the efforts of the government, and the balance of external payments also worsened, but now the situation is under control and the dollar is coming down.
