• Pakistan’s import bill fell by 35% in July.
• The finance minister blamed the country’s large-scale payments as the cause of the rupee’s wild decline.
• Miftah Ismail also criticized the PTI government’s performance in the energy sector.

According to Finance Minister Miftah Ismail, Pakistan’s import bill was only $5 billion in July as opposed to $7.7 billion the month prior, a fall of 35%.

The finance minister declared during a press conference in Islamabad that the government is committed to lowering the country’s current account deficit.

The minister stated that in order to change Pakistan’s current account deficit into a surplus, the government will endeavor to increase exports in the long run.

The Economic Coordination Committee (ECC) has approved lifting the import restriction on luxury goods, according to the finance minister, but the prime minister and cabinet have not yet granted their assent.

He also said that the import restrictions on fully assembled (CBU) cars, mobile phones, and household appliances would continue.

The minister hoped that in the upcoming weeks, the pressure on the rupee would lessen.

He continued by saying that the rupee’s intrinsic value is much higher than its market price. He mostly cited the government’s recent large-scale payments as the cause of the rupee’s wild decline.

The former administration was also condemned by the finance minister and blamed for the unstable economic position in the nation.

The minister said that the country’s debt increased from Rs. 25,000 billion to above Rs. 44,000 billion under the Pakistan Tehreek-e-Insaf administration.

He noted that the tax-to-GDP ratio actually decreased under PTI’s leadership, refuting the previous administration’s egregious failure to raise it.

The minister also questioned the PTI’s performance in the energy industry, claiming that circular debt increased significantly during its rule.

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