Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha on Thursday informed the Senate that the incumbent government ‘successfully’ brought back the country from the verge of bankruptcy, owing to good management policy.

Replying to a Calling Attention Notice raised by Sania Nishtar regarding the current status of the economy, the short and long term distortions creating the unprecedented challenges for a poor man, the minister said the government had a plan to improve the economic situation. The government inherited fragile economy and economic situation since its inception besides devastating floods which directly affected 33 million people, she added.

The minister said all commercial banks were directed to open LC for import of food items, medicines and fuel and added only import of luxury items had been curtailed.
She said one third areas of the country came under devastating flood which inflicted over $ 33 billion loss. Despite several challenges, all out efforts were being made to provide relief to the common people, she added.

She said relief was being provided to common people through Benazir Income Support Programme (BISP), Pakistan Utility Store Corporation (USC), National Disaster Management Authority (NDMA) and Kissan Package. Hefty amount was specified to provide prompt relief to the common people, she added.

The minister said the Russia-Ukraine war, global recession and devaluation of currencies against dollar multiplied the problems of various countries including Pakistan. The government reviewed International Monetary Fund (IMF) Programme and had to take major steps to put the country on right track, she added.

Aisha Ghaus said it was determination of the government to protect the poor segments of the society. All the political parties should stand united while rising above political interests to steer the country out of current quagmire, she added.

She said there was dire need of structural reforms to put the country on road to progress and prosperity.

Earlier moving the Calling Attention Notice, Dr Sania said the country exports had plunged and current account and fiscal deficits were continuously witnessing upward trend.

She was of the views that there was dire need to manage fiscal and current account deficits. The inflation and unemployment had made the life of common people miserable, she added