ISLAMABAD:Finance Minister Miftah Ismail has said the economy is improving and the government’s next target is to control inflation.

Addressing a news conference here in Islamabad on Tuesday, he said the rupee has continuously been appreciating since August 01 due to curbs imposed on imports of non-essential items. The Finance Minister said the present government has averted default by taking difficult political decisions and a beginning has been made to put the economy on sound footing.

Criticizing the economic policies of PTI government, the Finance Minister said they left behind 10.3 billion dollars in foreign reserves and we have to return loan of twenty-one billion dollars during the current fiscal year. He said prices of petroleum products are determined by Oil and Gas Regulatory Authority (OGRA) as per a laid down mechanism. He said no additional tax has been imposed on the petroleum prices. He pointed out that price of petrol in India is 303 rupees per liter while in Bangladesh it is being sold at 308 rupees.

Miftah Ismail said that a new letter of intent sent by the International Monetary Fund (IMF) will be signed by him today. He was confident that disbursements to Pakistan will start following the IMF’s board meeting by the end of this month. Responding to a question, the Finance Minister said that twenty-seven billion rupees in taxes will be collected from the traders during the current fiscal year.