Adviser to Prime Minister (PM) on Commerce, Textile, Industry and Investment Abdul Razak Dawood on Monday asserted that the federal government has no intent of devaluing rupee and refuted speculations that raising the tariffs of electricity and gas came into discussion during talks with the International Monetary Fund (IMF).

During a news conference in Islamabad, he said that the exports have been increased by four percent in the first seven months of the current fiscal year and the imports have been decreased by five percent.This translates into 30 percent increase in terms of Pakistan rupee.

He said the result of currency devaluation will be visible on exports trajectory in the coming five months. The Advisor expressed confidence that exports will increase and imports further decrease this year.

Regarding the duties imposed on luxury items, he said that positive effects have been observed by such a move. He said that the ban on the import of furnace oil and non-essential food items has also benefitted the economy.

He said cements exports have registered an increase of 50 percent, mainly to Sri Lanka and Bangladesh. "Exports in the first seven months of the current fiscal year remained $13.259 billion while imports stood at $32.54 billion as compared to $34.26 billion during the corresponding period last year," he added.

He said that certain policies of the previous government had been detrimental for the state’s economy. Speaking on the occasion, Secretary Commerce Younus Dagha said improvements have also been noted in balance of trade in the month of January. He said need of furnace oil has reduced due to increasing use of renewable technologies in the energy mix.

He said the imports squeezing policy is paying the dividend and expressed the confidence that its results will be far more encouraging in the next five months. Responding to a question, the Adviser rejected reports that the IMF chief during his talks with Prime Minister Imran Khan in Dubai set the condition of increase in power and gas tariff for the bailout package.