Announces to decrease oil price by up to Rs3 for next fortnight
\nour correspondent
\nISLAMABAD
\nFinance Minister Hammad Azhar has said that the government has decided to import sugar and cotton from India.
\nAddressing the maiden press conference as the finance minister on Wednesday, Hammad said that it has also been decided to import 0.5 million tonne of sugar from India.
\nHe said the prices of the commodity are lower in India as compared to Pakistan. \u201cIn comparison, there\u2019s a Rs15 to Rs20 difference in per kilogram price of sugar in the two countries.\u201d
\nHe said the import of sugar will improve the supply situation which will directly benefit the common man. He further said that sugar will be imported by the private sector. \u201cThe price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision,\u201d Azhar explained.
\n\u201cThe basis of our decisions will be the interest of the country and its people,\u201d he maintained. The minister added that all government departments are working in coordination to provide subsidies to the masses.
\nAzhar said that Pakistan will also open the trade of cotton with India. He added that the government has to make tough decisions for the country in view of the given situation. Keeping in view the demand of cotton in the country, the finance minister said the ECC on the proposal of the Ministry of Commerce has accorded approval for the import of cotton from India by the end of June.
\nHammad announced a decrease in per litre price of petrol by Rs1.50 and that of diesel by Rs3 till April 15. He said this is being done after consultations with Prime Minister Imran Khan and keeping in view the trend of oil prices in the international market.
\nAccording to Hammad, the benefit of the uptick in the value of rupee doesn\u2019t come at once, saying Pakistan is making steady progress. \u201cWe have made the State Bank autonomous and our decisions are based on the interest of masses.\u201d
\nThe finance minister said the Economic Coordination Committee (ECC) at its meeting on Wednesday fixed the wheat support price at Rs1,800 per forty kilograms. He said this decision will provide relief to the farmers.
\nThe finance minister said the government is fully cognisant of the problems faced by the people due to price hike. He said, \u201cWe will work day and night to overcome this issue with the close coordination of the provincial governments.\u201d
\nHammad Azhar recognized the contributions of his predecessors Hafeez Sheikh and Asad Umar for bringing stability in the economy. He said he will continue to take guidance from both the former Finance Ministers to take the matters towards further improvement.
\nEarlier in the day, Hammad has expressed satisfaction over the interest shown by the leading world investors in the Eurobonds pitched by Pakistan.
\n\u201cPakistan has very successfully concluded its first ever 3-tranche capital market transaction yesterday. With 5, 10 and 30 yr Eurobonds at 6 percent, 7.375 percent and 8.875 percent, leading global investors showed great confidence in our country\u2019s economy and future outlook,\u201d he tweeted.<\/p>\n","protected":false},"excerpt":{"rendered":"
Announces to decrease oil price by up to Rs3 for next fortnight our correspondent ISLAMABAD Finance Minister Hammad Azhar has said that the government has decided to import sugar and cotton from India. Addressing the maiden press conference as the finance minister on Wednesday, Hammad said that it has also been decided to import 0.5 […]<\/p>\n","protected":false},"author":2,"featured_media":183425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-183405","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n