Senate Body Concerned Over Current Economic Situation Of Country.

ISLAMABAD -- Senate Standing Committee on Finance and Revenue on Thursday expressed concerns over the current economic situation of the country, especially unprecedented rise of dollar value against the local currency.

The committee, which was held with Senator Saleem Mandviwalla in chair, has deliberated over the current economic condition of the country. Senators have raised their concerns over the increase in dollar value against the rupee.

Senator Mohsin Aziz was of opinion that owing to unprecedented rise of dollar value, pharmaceutical companies are not able to provide basic medicines to the public. State Minister for Finance, Aisha Ghaus Pasha apprised the committee that inflation rate in United States is at 28-year high and the extraordinary rise in dollar is mainly because of increase in US discount rate. She stated that in short span of time major currencies around the globe have depreciated against the dollar. Committee chairman questioned that 'How will the dollar be stabilized?' Aisha Ghaus Pasha informed that international factors are beyond our control and as far as local factors are concerned, we are aiming to increase remittances which currently stand at 3.12 billion USD (April 2022) and to reduce the import-export deficit. Moreover, on the matter of IMF bailout, State Minister for Finance commented that the staff level agreement has been finalized and the current IMF bailout will be materialized by 25th of August 2022.

However, on the speculations regarding the country heading towards default, Aisha Ghaus Pasha categorically stated that 'We are not anywhere near the situation of Sri Lanka'. Senator Anwar ul Haq Kakar raised the matter of discrimination facing by politicians in opening of bank accounts. Senator Saleem Mandviwalla commented that six months ago the matter was raised in committee but no substantial answer has been provided. He further added that committee is deliberating upon an idea to issuing an advertisement in the newspaper that any politician facing any sort of difficulty in opening a bank account can approach this forum with his/her grievances. State Minister for Finance maintained that any sort of discrimination against politicians cannot be...