Former finance minister Miftah Ismail terms decrease in petrol prices 'reckless' decision

The Nation  |  Oct 03, 2022

 Former finance minister Miftah Ismail terms decrease in petrol prices 'reckless' decision

Former finance minister Miftah Ismail on Sunday termed the government’s decision to not increase the petroleum development levy (PDL) this month without International Monetary Fund's (IMF) approval, "reckless”, but clarified that what PTI did with the “economy was unforgivable”.

Responding to PTI leader Shaukat Tarin on Twitter, Miftah reminded the former finance minister that his government had violated the agreement it had signed with the IMF by slashingthe petrol prices ahead of the no-confidence vote.

“You agreed to increase sales tax to 17% but reduced it to zero. You agreed to raise petrol levy every month by Rs4 to Rs30 but brought it to zero. You agreed to not give amnesty but gave one anyway,” said the Miftah. He added that the PTI government gave an “unfunded, unsustainable subsidy on petrol”.

Miftah said that the PTI nearly bankrupted Pakistan, however, when he took over and went to the IMF, the country was “saved” from default.

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“Not increasing PDL this month without IMF approval is reckless, but what PTI did with our economy was unforgivable,” said Miftah on the recent cut in prices announced by Finance Minister Ishaq Dar.

Tarin had tweeted screenshots of tickers related to Miftah on the return of Dar and a drop in petrol prices.

The PTI leader had said that the Imran Khan-led government was “blamed for violating IMF conditions”. He further claimed that Miftah had said that the incumbent government “did not wait to get clearance from MD IMF before announcing the fuel prices”.

“Clear double speak,” said Tarin.

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