The Finance Minister says the government is going to make tough decision for the larger national interest.
ISLAMABAD: (UrduPoint/Pakistan Point News-March 31st, 2021) The government decided to import 0.5 million metric tons of sugar from India, said Finance Minister Hammad Azhar.
Hammad Azhar said that the sugar would also be imported by the private sector.
He expressed these views while addressing a press conference at the Press Information Department (PID) this afternoon.
Azhar said: “We are going to pen trade of cotton with India,”, adding that the government wanted to make tough decisions for the country in view of a given situation.
He stated that decision actually were for the larger interest of the people. He also said that the price of the commodity in India was lower than what it was in Pakistan and this was the reason behind the decision.
He went on to say that the import of cotton from India for small industries would take place until the month of June. Hammad Azhar said: “In comparison, there’s a Rs15 to Rs20 difference in the price of sugar in the two countries,”.
He also stated that all the government departments were working together to provide relief to the masses.
“Sukuk bond will also be released,” said Azhar. But the minister did not give any specific date in this regard.
He also said that Pakistan was witnessing stability in the current account deficit and foreign exchange reserves.
“I will remain in contact with the membership of the parliament,” he added.
Earlier in a tweet, Hammad Azhar expressed satisfaction over the interest shown by the leading world investors in the Eurobonds pitched by Pakistan.
Taking to Twitter, Hammad Azhar said Pakistan very successfully concluded its first ever three tranche capital market transaction yesterday with five, ten and thirty year Eurobonds at six percent, 7.375 and 8.875 percent.
The Finance Minister said the global investors showed their great confidence in the country's economy and future outlook.
