ISLAMABAD: Federal Finance Minister, Ishaq Dar has said that oil prices might further rise as the government was giving subsidies on oil and diesel and the financial deficit has to be cut down. He has explained that the rise in oil prices might occur before June 30, 2008 as the government was giving subsidies on oil in the range of Rs17-21 per liter.
Briefing the Senate standing committee for finance here, he said that the financial deficit has shot up to Rs557 billion due to the policies of the previous government. He said that this included such Rs125 billion, whose record was missing and it was without any audit.
He said that the previous government spent Rs44 billion for wheat, Rs75 billion for development expenditures and Rs43 billion for DAP and other additional grants, while Rs70 billion subsidy was paid to Wapda on account of electricity. Thus, the financial deficit worked out to over 9 percent, which cutting down would be brought to 7 percent. Ishaq Dar said that talks were underway with the Asian Development Bank for $1 billion fund.-SANA
Government taking steps to stabilize prices: Dar
ISLAMABAD: Finance Minister Ishaq Dar has said the government is taking measures to stabilize the prices of essential commodities and overcome their shortage. Breifing the Senate’s standing committee on finance in Islamabad today, he said all out efforts would be made to curb smuggling which led to the shortage of daily used items in the country. Ishaq Dar said that prices of petroleum products except kerosene oil would be increased in view of the rising trend in the international market. He however said that the prices would be enhanced in phases to minimize its adverse impact on the people.