No financial emergency in Pakistan: Finance Minister

Speculation on social media about this is wrong and coming from biased quarters, he said.The Shehbaz Sharif government after hesitating for weeks finally twice hiked petroleum prices by a total of Rs 60 since May 25 to bring the price of petrol at Rs 209.86 per litre and that of high-speed diesel at Rs 204.15, kerosene oil at Rs 181.94 and light diesel oil at Rs 178.31.The increase was made to fulfil a key demand by the International Monetary Fund IMF to revive a stalled USD 6 billion aid package.Pakistan has been witnessing a shaky economy for quite some time.

Finance Minister Miftah Ismail on Monday ruled out the possibility of a financial emergency being declared in cash-strapped Pakistan, claiming that after two back-to-back increase in the petroleum prices the country is out of the financial crisis.

Ismail said that Prime Minister Shhebaz Sharif would at some point announce austerity measures to save government expenditures, but there is not going to be any declaration of financial emergency.

''The Prime Minister will at some point announce austerity measures to save government expenditures. But there is not going to be any declaration of financial emergency. Nor is there any financial emergency. After two increases in petrol prices, we are out of the financial crisis,'' he tweeted.

Ismail also rejected reports about the closure of Roshan Digital Accounts (RDA), unveiled by the previous government to facilitate the expatriates to open online foreign currency accounts in local banks and earn handsome return on their deposits.

“There is absolutely no plan to freeze foreign currency accounts or Roshan Digital Accounts or take over people's private lockers,” he said. “We have never even contemplated these steps. Nor will we ever do it. Speculation on social media about this is wrong and coming from biased quarters,” he said.

The Shehbaz Sharif government after hesitating for weeks finally twice hiked petroleum prices by a total of Rs 60 since May 25 to bring the price of petrol at Rs 209.86 per litre and that of high-speed diesel at Rs 204.15, kerosene oil at Rs 181.94 and light diesel oil at Rs 178.31.

The increase was made to fulfil a key demand by the International Monetary Fund (IMF) to revive a stalled USD 6 billion aid package.

Pakistan has been witnessing a shaky economy for quite some time. It repeatedly has been seeking international aid to support its failing economy.