ISLAMABAD: Finance Minister Hammad Azhar has said that the government has decided to import sugar and cotton from India.
Addressing the maiden press conference as the finance minister on Wednesday, Hammad said that it has also been decided to import 0.5 million tonnes of sugar from India.
He informed the media that prices of the commodity are lower in India as compared to Pakistan. “In comparison, there’s a Rs15 to Rs20 difference in per kilogram price of sugar in the two countries.”
He said that the import of sugar will improve the supply situation which will directly benefit the common man. He further stated that sugar will be imported by the private sector.
“The price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision,” Hammad explained.
“The basis of our decisions will be the interest of the country and its people,” he maintained. The minister added that all government departments are working in coordination to provide subsidies to the masses.
Hammad said that Pakistan will also open the trade of cotton with India. He maintained that the government has to make tough decisions for the country in view of the given situation. Keeping in view the demand for cotton in the country, the finance minister said the Economic Coordination Committee (ECC) on the proposal of the Ministry of Commerce has accorded approval for the import of cotton from India by the end of June.
Hammad announced a decrease in the per litre price of petrol by Rs1.50 and that of diesel by Rs3 till April 15. He said that this is being done after consultations with Prime Minister Imran Khan and keeping in view the trend of oil prices in the international market.
According to Hammad, the benefit of the uptick in the value of the rupee does not come at once, saying Pakistan is making steady progress. “We have made the State Bank autonomous and our decisions are based on the interest of masses.”
The finance minister said that the ECC in its meeting on Wednesday fixed the wheat support price at Rs1,800 per forty kilograms. He said that this decision will provide relief to the farmers.
The finance minister said that the government is fully cognizant of the problems faced by the people due to price hike. He said, “We will work day and night to overcome this issue with the close coordination of the provincial governments.”
Hammad recognised the contributions of his predecessors Hafeez Shaikh and Asad Umar for bringing stability to the economy. He said that he will continue to take guidance from both the former finance ministers to take the matters towards further improvement.
Earlier in the day, Hammad expressed satisfaction over the interest shown by the leading world investors in the Eurobonds pitched by Pakistan.
“Pakistan has very successfully concluded its first-ever 3-tranche capital market transaction yesterday. With 5, 10 and 30 yr Eurobonds at 6 per cent, 7.375 per cent and 8.875 per cent, leading global investors showed great confidence in our country’s economy and future outlook,” he tweeted.
The Imran Khan government should make it clear why these restrictions were imposed earlier and why are they being removed now? If these restrictions have anything to do with the removal of Section 370, then has Section 370 been implemented now? It seems as if Imran Khan and his ministers do not know how to run the government, that is why they are insulting Pakistan internationally.