Ramazan Package enhanced from Rs7.5bn to Rs12.5bn: Aurangzeb

KARACHI: Federal Finance Minister Muhammad Aurangzeb on Friday said that Prime Minister Shehbaz Sharif had enhanced Ramazan Package amount from Rs. 7.5 billion to 12.5 billion rupees so that people belonging to vulnerable segment of the society could be provided essential items on subsidized rates as compared to the open market.

He said this, while talking to media persons during his visit to a Utility Store here in the Defence area.

Finance Minister said under the Ramazan package, apart from Utility stores, 1200 mobile points were also set up to provide essential items to the people at their respective areas. He said there will be no compromise on the quality of the food items being sold through the Utility Stores.

Responding to a suggestion regarding donations from philanthropists to Utility Stores Corporation, the Minister termed it a good proposal and said as philanthropists of this city always generously helped the poor people and they must donate money to Utility Stores for the purpose.

Aurangzeb said there was a wrong impression that IMF was against the subsidies but the fact is that International Monetary Fund is against un-targeted subsidies while it wants the targeted subsidies be enhanced.

Finance Minister said exports has to be our total focus because through it country can earn foreign exchange reserves. He said Pakistan is an agriculture country and it must not import agriculture related commodities.

Citing the wheat yield target, he said now our country was producing 26 m tons of wheat and if country enhances its yield target to over 40 m tons annually, it would become self sufficient.

In reply to question, Finance Minister said the IMF program is actually Pakistan’s program as its objective  was to get country out of the economic mess. “We have to enhance taxes to the GDP, decrease circular debts, end losses of the State owned Enterprises and IMF was also asking for these reforms which are in the best interest of our country”, he said.

Muhammad Aurangzeb said more steps are needed for the improvement of the economy and the government was taking measures in that regard.