“The annual expenditure of running the government is Rs500 billion and the government is suffering a loss of Rs1,300 billion rupees in the power sector,” he said.

The country’s finance czar alleged that the previous government damaged the economy and key sectors of development.

Economic outlook: Targets to achieve till August 2023

• Decreasing inflation
• Development in the IT and agriculture sector
• Increasing exports
• No load shedding next year in the summer
• Boosting foreign reserves

Support from friendly countries

• Pakistan may get $1.2 worth of financing on deferred payment of oil from a “friendly country”
• Govt thinks one foreign country will invest $1.5 billion to $2 billion in stocks in Pakistan
• Another friendly country may give gas on deferred payment
• Another friendly country may give some deposits (to come in two forms: cash and SDR)

He was of the view that Sri Lanka should have increased fuel prices to improve its financial condition.

Salient features

• Pakistan is hopeful of saving $1 billion in fuel imports, which is expected to go down from over $3 billion to $2.7 billion
• It may appreciate the rupee against foreign currency
• Govt plans to provide relief to less than 100 units consumer of electricity
• Decrease in railway and airline fares
• Legislation is on the cards to change laws related to privatisation