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The government will allow the import of cotton for textile sector: Mifta Ismail – Markets

This was stated by the Minister of Finance Miftah Ismail. on Saturday what government will allow Pakistan’s textile sector to import cotton to meet its demand after approximately 1.4 million acres of in area where crops are grown in Sindh faced destruction due to flooding.

At a press conference, he promised government will help the textile sector by allowing imports of cotton so that he can meet his needs.

He noted that the harvest of dates and sugar cane also saw massive destruction while issues are being resolved faced in transportation of tomatoes and onions to major cities of Pakistan, which was in turn, pushing their prices up.

“Half of onion harvest in Sindh also was a witness total destruction,” he said. “As an initial step, we suspended duty and taxes on import of onions and tomatoes.

finance ministerimport of bow from Afghanistan in decline of this is price in many parts of country.

“Prices of sugar and ghee also fall due to effort of in current government,” he said. “We will control inflation in in next two months.”

His press conference is follow up to former finance minister Shaukat Taryn who spoke to reporters at the Karachi Press Club in that the latter called government get help from the International Monetary Fund (IMF) in view of floods and import cheap oil from Russia.

Responding to his remarks, Miftah said that people hit by floods but Pakistan Tehreek-e-Insaf (PTI) was involved in political scoring.

The deadline for contacting buy oil from Russia is baseless, mytha added that it might not be compatible with refineries of Pakistan.

“Pakistan has never bought oil from Russia and PTI has not done so during its existence. rule,” he said, also blaming Taryn for is trying to jeopardize the IMF deal on last minute.

He stressed that PTI paid a US lobbying firm $25,000 a month to improve relations between political parties. party as well as government of US.

Myth also condemned by PTI for “breach of the deal with the IMF in February to give amnesty to my friends”.

If PTI cleared no-confidence movement, this would end the subsidy and raise gasoline prices in April 2022, Miftah said.

“Even the finance department was informed of this and PTI is just selling lies,” he said. “It also justifying your conspiracy against IMF Program.

However, Mifta acknowledged that economy was facing new wave of inflation due to floods and prices of food items took off.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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