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Miftah Ismail, the finance minister, stated on Friday that although the government is prepared to take a chance on a slower growth rate, it will continue to impose import restrictions for the ensuing three months. today while visiting Pakistan Stock Exchange (PSX).

He stated that "no country can exist with such a big current account imbalance," adding that the nation"s imports last year totaled $80 billion and it had a $40 billion trade deficit.

At a ceremony at the Pakistan Stock Exchange, the minister gave a speech. He remarked, "I recognise that the growth rate will dip for some time" (PSX). The finance minister continued, saying he didn"t see any other options for the government.

The minister denied reports of "dollar betting" in banks and added that "nobody knew how significantly the dollar would decline."

He asserted that "the banks have played a constructive role in regulating the dollar." The banks" collaboration is appreciated by the government, he added. Miftah went on to say that "supply and demand in the market" was what drove the fluctuations in dollar pricing.

"Even a small-scale retailer knows that you need to acquire fewer goods if your daily sales are only Rs 30,000 and your stock purchases are Rs 80,000. That"s what we did, too," he added, asserting that after the government cut imports from $7 billion to $4.9 billion, "all difficulties ended."

The minister acknowledged that the government"s decision to tax merchants was a "mistake" on the part of the administration. He said that "small-scale shops were also included in these lists" by mistake, despite the fact that "we had anticipated Rs3,000 to be collected each shop as income and sales tax."

However, he justified the tax levied on business owners, calling it "appropriate and good."

Pakistan is "quite comfortable in terms of our energy supplies and supply, as well as other obligations," Miftah also told the audience.

He acknowledged that the country"s 9.2 percent tax to GDP ratio needed to be improved and that the government was attempting to "correct" the advance to deposit ratio through a unique tax structure.

He praised the government for having a "excellent approach" and claimed that the plan had been laid forth.

He made the following statement regarding the government"s plan of action: "IMF has to come, it will come, supported by the World Bank and then the Asian Development Bank; then a Chinese bank, Asian Infrastructure Bank."

The finance minister reiterated his resolve to preventing the nation from going into default, saying, "We do not want development without exports. Only growth that is export-oriented is beneficial.