If we had not increased petroleum prices then Pakistan could have default: Miftah Ismail

ISLAMABAD (92 News) - Finance Minister Miftah Ismail has said that increase in petroleum prices will help reducing the inflation and stabilizing Rupee against Dollar.

Addressing a news conference along with Minister of State for Finance Aisha Ghaus Pasha in Islamabad on Saturday, he said making tough decision on Petroleum prices was the only option to strengthen the prevailing economic situation of the country.

The Minister said the Prime Minister has decided to launch the Sasta Diesel, Sasta Petrol Program to compensate weaker segments of the society after increase in Petroleum prices, under which 14 million deserving households will be provided two thousand rupees on monthly basis.

This program will cost 28 billion rupees every month. He said the relief amount will also be incorporated in the upcoming budget.

He said seven million households of BISP are also included in the program.

Miftah Ismail said woman head of the family, whose household income is less than forty thousand rupees, can register themselves for this program by send their National Identity Card number at number 786.

He said another program is also being launched under which flour will be provided at 40 rupees per kilogram and sugar at 70 rupees per kilogram.

The Minister expressed the hope that soon the staff level agreement will be signed with IMF that will help us borrow money from other multinational institutions including World Bank and Asian Development Bank.