Not increasing petroleum levy without IMF approval is reckless: Miftah Ismail

Says PTI nearly bankrupted Pakistan


The former finance minister Miftah Ismail has said that the government’s decision to not increase the petroleum development levy (PDL) this month without the approval of the International Monetary Fund (IMF) is reckless.

Last week, the government slashed the prices of petroleum products by up to 5.5%.

Addressing a press conference on Friday evening, Federal Finance Minister Ishaq Dar said that the government was reducing the price of petroleum products by as much as 5.5% following the decrease in petroleum prices in the international market and the corresponding appreciation of the rupee against the US dollar.

The price of petrol or gasoline was reduced by Rs12.63 per liter while high-speed diesel (HSD) price was slashed by Rs12.13 per liter.

Miftah – who had to step down as the finance minister to make way for Dar – has, now, criticized the decision of the government not to increase the PDL this month.

He said this while responding to a comment by Pakistan Tehreek-e-Insaaf (PTI) Senator Shaukat Tarin who had served as finance minister during the PTI regime.

Tarin, while sharing a screenshot of Miftah’s statement on Twitter, said that the PTI government was “blamed for violating IMF conditions. According to Miftah Sahib, they did not wait to get clearance from MD IMF before announcing the fuel prices. Clear double speak.”

Addressing the claims made by the PTI senator regarding the fuel prices being announced without clearance from the IMF, Miftah said that not increasing PDL without IMF’s approval is rash but how PTI’s government violated the agreements made with the international lender is unforgivable.

He said that the PTI promised the IMF to increase the sales tax to 17% but instead, Tarin’s government, brought it down to zero.

“You agreed to raise Petrol Levy every month by Rs4 to Rs30 but brought it to zero. You agreed to not give amnesty but gave one anyway,” Miftah said.

“You agreed to not give amnesty but gave one anyway.”

He accused the PTI government of giving an unfunded and unsustainable subsidy on petrol.

“PTI nearly bankrupted us,” he said.



miftah ismail

finance minister

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