POVERTY IS NOT OUR ISSUE: FINANCE MINISTER

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KARACHI: Shaukat Tarin, Advisor to the Prime Minister on Finance, has said that all taxes on gasoline have been repealed and that all advantages from the fall in oil prices would be distributed to the general public.

Tarin said in an interview with the media in Karachi that if we do not refinance, we would have to find another solution. “The true effective exchange rate should be in the range of 165 to 166 USD per $1 USD. Our money is discounted by Rs10, or ten percent “He went on to say that there had been rumours that lockers would be confiscated, but that this would not be the case.

According to him, inflation in the United States has reached 9 percent, and the country has taken steps to bring the price of oil down, which is now declining.

Moreover, the government will not allow any rise in taxes, and no new taxes would be imposed, according to the government’s financial adviser. “Except for tax exemptions, all taxes on gasoline have been eliminated, as have all other taxes on goods and services. It is expected that all of the advantages of lower oil costs would be passed on to the general public “he said.

When it comes to the rupee, Tarin advises people not to believe the rumours that circulate. “The value of the rupee will not diminish,” he said, cautioning individuals who believe they would profit from the decline in the value of the dollar that they will be struck severely if the currency’s value falls.

According to him, when the value of the dollar declines, these speculators will be taken by surprise.

He went on to say that we need to boost the agricultural sector, pointing out that the government is providing fertiliser firms with a subsidy of more than Rs150 billion in exchange for natural gas.

The lower middle class, according to Tarin, is the source of our problems since they are being exploited. Adding that, according to the World Bank, poverty in the nation has fallen by one percent, he said that “our issue is not poverty, but inflation.”

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