Finance Minister Miftah Ismail has endorsed estimates by experts that Pakistan’s losses from floods stood at $10 billion.
In an interview with Bloomberg, the finance minister also spelled out his economic plan.
Miftah Ismail said that he would rely on old-school methods to control a balance of payment crisis.
The minister “wants to break a boom-and-bust cycle that’s played out for decades, and help the nation to finally learn to live within its means,” Bloomberg said.
Miftah Ismail said that import payments should equal dollar inflows, which means curbs on luxury items may remain in place for longer than currently anticipated, the American media outlet quoted him as saying.
He said that the gross domestic production (GDP) was to remain above 3.5% for the current fiscal year against the budgetary target of 5%.
The finance minister said that vegetable prices — which shot up after floods — were seeing a reduction after the recent government measures.
Miftah said that inflation running at the highest in 47 years at 27.3%, was close to its peak and would average 15% for the year.
The finance minister also said that Pakistan will secure a $1 billion investment within one month.