“Pakistan emerges from financial crisis after gasoline price hike”

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ISLAMABAD: Finance Minister Miftah Ismail has claimed Pakistan has emerged from financial crisis after two hikes in petrol prices, ARY News reported on Monday.

Taking to Twitter, the finance minister stressed that there is no financial emergency in the country, especially after the two oil price hikes.

Miftah Ismail further said that Prime Minister Shehbaz Sharif will at some point announce austerity measures to cut government spending as he ruled out any form of financial emergency in light of the poor economic situation.

In another tweet, the minister wrote, “There are absolutely no plans to freeze foreign currency accounts or Roshan digital accounts or take over people’s private lockers.”

“We never even considered these measures. We never will either. Speculation on social media about this is false and comes from biased quarters,” Miftah noted.

It is pertinent to mention here that the federal government led by the PML-N had raised the price of petrol by Rs 60 per litre. Additionally, the National Electric Power Regulatory Authority (NEPRA) last week increased the base electricity tariff by 7.9078 rupees/kWh for the upcoming fiscal year 2022-23.

Last week, the Oil and Gas Regulatory Authority (OGRA) also approved an increase in gas prices – a 45% hike was approved for Sui Northern Gas Pipelines Limited (SNGPL) while 44% for the Sui Southern Gas Company (SSGC).

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