Finance minister dismisses possibility of financial emergency in Pakistan

ISLAMABAD: Minister of Finance Miftah Ismail reiterated there was no possibility of imposition of a financial emergency in the country.
Ismail, who was inducted as the finance minister ahead of the federal budget announcement for fiscal year 2018-19 earlier this week, said although Pakistan’s economy was not doing too well, it was not doing badly either.
Addressing an event earlier today, he informed that Pakistan has acquired a long-term loan of US$1 billion from a commercial bank of a friendly country.
On the recent spike in the dollar, Ismail lamented that there was no other option available.
Highlighting the relief announced in the Budget 2018-19, the minister said it would help increase the tax base and give an impetus to national growth.
Taxes in the real estate sector have been rationalised in order to encourage people to declare the real worth of their properties, he said.
Commenting on the new tax slabs recently announced by the Prime Minister, Ismail said the tax procedure has not only been simplified but its rate also reduced to facilitate the taxpayers.
On a question regarding increasing the petroleum levy, the finance minister said the government will pass on the reduction of international oil prices as it did in previous years.