Default Evaded By Taking Tough Decisions: Miftah.

ISLAMABAD -- Finance Minister Miftah Ismail on Thursday said that the coalition government has saved the country from default by taking tough decisions of increasing petroleum products prices.

'We have saved the country from bankruptcy by increasing the prices of petroleum products,' said the Finance Minister in a press conference along with Information Minister Marriyum Aurangzeb.

He further said that it was a tough decision for the government to enhance the prices of petroleum products. He informed that the government has reached an understanding with the International Monetary Fund (IMF) over the budgetary measures, which is welcoming.

The Finance Minister has termed the recent budget as historic, which has no indirect taxes, no tax on consumptions and goods as like previous government did that enhanced the inflation rate. He said that country would have never witnessed such progressive taxation budget as like the current budget. He further said that the incumbent government has imposed tax on rich and wealthy people instead of the poor. The government would impose another 1 percent super tax on people earning more than Rs150 million, 2 percent on income of more than Rs200 million, 3 percent on people earning more than Rs250 million and 4 percent on income of more than Rs300 million for a year. He added that taxes had been increased even on companies owned by the prime minister's sons. 'Even my company will have to pay more taxes now,' Ismail said.

Miftah Ismail once again criticized the PTI's government for recording four highest ever budget deficits of the country and increasing country's debt to Rs45 trillion in four years from Rs25 trillion. The PTI government has left the economy on the brink of a default and that too 'only to remain in power. 'I have never seen such situation of economy in last 30 years'.

The Finance Minister said that the government was facing deficit of Rs120 billion by not increasing oil prices as announced by former Prime Minister Imran Khan. Earlier, before the no-confidence move, the PTI government was charging Rs20 per litre levy and 10...