ISLAMABAD
\nFederal Minister for Finance Ishaq Dar on Thursday announced electricity fixed rate for the export sector of the textile industry of Rs19.99 per unit. All Pakistan Textile Mills Association (APTMA) Patron in Chief Gohar Ejaz on Thursday held a successful meeting with Finance Minister Ishaq Dar to fix the electricity price for the industry.
\nAccording to details, APTMA Patron in Chief Gohar Ejaz headed the delegation of the textile sector and succeeded to settle the issues related to the textile sector. After the negotiations with the APTMA delegations, Ishaq Dar held a joint press conference with Gohar Ejaz and other textile industry representatives.
\nAddressing the media, Dar said he did not use strict action yet but the dollar has started becoming down against the valuation of the Pak rupee. He confirmed that the actual value of the dollar against the Pakistani rupee is under Rs200. He said the nation is benefiting from the rise of the value of the rupee against the dollar.
\nThe finance minister said his government will provide electricity at a fixed rate of Rs19.99 to the exporters to boost Pakistani exports and problems of the local textile industry. Ishaq Dar also announced that in the head of the electricity rates, his government will give a subsidy to the exporters from 90 billion to 100 billion in one year.
\nDar said that given that the prime minister had committed to maintaining the rate for the ongoing fiscal year, the government would not renege on this commitment. Regarding giving a subsidy to the exporters, Dar said he has given a subsidy as he has funds and has also no need to ask anyone in this regard.
\nDar said exports increased by 12.7% in 2017. He said the currency exchange rate cannot leave open, adding that India and Britain have also intervened in the currency market. The finance minister said about Rs2,600 billion in debts of Pakistan have been reduced.
\nAsked whether this would qualify as a violation of the terms of the bailout package provided by the International Monetary Fund (IMF), Dar said that if they ask, he will speak to them but he did not need their permission as he had the documentation to back the move.
\nTalking about Imran Khan\u2019s expected long march, Ishaq Dar said the PTI chairman has also fulfilled his wish of a 126-day long sit-in in Islamabad in the past but now, the law will take its course if he does so again.
\nTo a query about the return of his party\u2019s supremo Mian Nawaz Sharif to Pakistan, he said he will return to Pakistan very soon with the will of Almighty Allah. The meeting came after reports that the government may step back from its commitment after just one quarter.
\n However, Dar dispelled fears and stated that the rates have now been fixed for the remainder of the year.Asked if the new rate would apply just to textiles, Dar clarified that the rate would apply to all the five export sectors of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Minister for Finance Ishaq Dar on Thursday announced electricity fixed rate for the export sector of the textile industry of Rs19.99 per unit. All Pakistan Textile Mills Association (APTMA) Patron in Chief Gohar Ejaz on Thursday held a successful meeting with Finance Minister Ishaq Dar to fix the electricity price for the industry. […]<\/p>\n","protected":false},"author":2,"featured_media":285166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[10947,10948,1925],"class_list":{"0":"post-287850","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-electricity-rate","9":"tag-exporters","10":"tag-ishaq-dar"},"yoast_head":"\n