ISLAMABAD (our reporter):- Prime Minister Shehbaz Sharif has said that the coalition government will take more tough decisions if needed for securing economy and prosperity of masses.

Speaking to media persons after a meeting of the federal cabinet, the premier again blamed the previous PTI government’s poor performance for the deteriorating economic conditions.

The previous government has laid a trap for the next government by reducing the price of petroleum products in the country when the prices was going up in international market. He said that the economic conditions are worsening across the world as commodity prices are rising.

PM Shehbaz said that the government has imposed taxes on the rich people in the budget for the next fiscal year 2022-23 adding that he is hopeful that the rich people will support the nation in the tough economic situation the country is going through.

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The Prime Minister further said that previous government breached the agreement signed with the International Monetary Fund (IMF). Despite all the hurdles the coalition government will bring Pakistan out of the difficult phase, he said.

Earlier, in the cabinet meeting, the PM said that the government raised the prices of petroleum products in line with the rising international prices. He hoped that the ongoing talks with the IMF will be fruitful and vowed to overcome the ongoing economic crisis soon.

Federal Minister for Finance and Revenue Miftah Ismail told the cabinet that the recent massive hike in petroleum prices is linked with the commodity’s global prices. He said that it was the first budget in which taxes are imposed only on the rich while relief is given to the poor.

The finance minister said that they will hold the next round of talks with the IMF’s officials today and tomorrow, assuring the cabinet that Islamabad will strike a staff-level agreement with the Fund.

According to the sources, the cabinet has also approved the issuance of Sukuk bonds which will reduce the burden of the local debts.

The federal government has decided to issue Sukuk bonds by mortgaging five state-owned properties; including Islamabad Express Highway, Islamabad Sports Complex, Makran Highway and all areas free from legal obstructions, the sources said.

By adminmy

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