UAE investing $1bn in PSX, says Miftah Ismail

UAE investing $1bn in PSX, says Miftah Ismail

Finance Minister Miftah Ismail addresses a press conference in Karachi on August 6. Photo: Geo News/screengrab

KARACHI: Finance Minister Mikhta Ismail confirmed on Saturday that the United Arab Emirates (UAE) is investing in the country’s stock exchange to expand economic ties between the two countries.

The UAE had announced its intention to invest her US$1 billion in Pakistani companies in various economic and investment sectors. According to the Emirates News Agency, the move is to explore new investment opportunities and areas for cooperation on projects in various fields to expand bilateral economic ties in the best interests of both countries is intended for.

At a press conference in Karachi, Mikhta Ismail said the ban on luxury goods will continue until next month in the interest of the national economy. He argued that steps were being taken to stabilize the economy.

Responding to questions about the rupee’s upward trend against the dollar, the finance secretary clarified that neither the central bank nor he had “directly intervened” to devalue the dollar. , the minister said the country’s imports last year were $80 billion compared to just $31 billion in exports, while the current account deficit was $17.5 billion and the trade deficit was $18 billion. added. During his tenure at PTI, the country’s total lending increased from his 25,000 kroner to his 42,000 kroner, he added.

“Creating a deficit this big will put pressure on the rupee,” said the minister.

‘Problems will continue to prevail until September’

“The problem will continue until September,” he added.
Referring to his government’s tough decisions, the minister said they had decided not to default the country after coming to power.

“The government has set an export target of his $35 billion for this financial year,” he added.
Mifta stressed the need for austerity and said he was ashamed to seek credit from the world. He called on the public to donate to the prime minister’s relief fund.

Credit/Source : THENEWSPK

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