ISLAMABAD - Minister for Finance Asad Umar Monday said the bailout package of International Monetary Fund (IMF) would be presented in the parliament.

The minister said the Pakistan Tehreek-e-Insaf (PTI) government had reduced the burden on common man, while the last PML-N government had levied increased taxes on items necessary for common man besides increasing electricity prices.

Rather, the present government had imposed taxes on luxury cars and expensive mobile phones, he said.

He said $12 billion were required to increase foreign exchange reserves, which was essential for the country's economic stability. The government would bring reforms in the economic system, he added.

He said the government was taking concrete measures to facilitate the industrial sector, including provision of cheap gas and electricity, so that exports could be boosted. The government had announced Apna Ghar Scheme to provide shelter to the homeless people and the private investors would also be engaged in the project.

Asad said the PTI government would not take any step contrary to the party's manifesto. Measures were being taken to get back the stolen national wealth stashed abroad and for the purpose national institutions were being strengthened, he added.

The minister said the government had to take the decision to approach the International Monetary Fund (IMF) because of the high current account deficit as a result of the wrong economic policies adopted by the past government.  He said the previous government of Pakistan Muslim League Nawaz (PML-N) had destroyed the national economy. The incumbent government was introducing other revenue generation measures to avoid the IMF packages in future, he said.

He said the government would not privatize Steel Mill and PIA but steps were being taken to make them profitable. He hoped that the national economy would be back on track under the dynamic leadership of Prime Minister Imran Khan and people of the country had full confidence on his honesty.

To another question about results of by elections, he said PTI once again emerged as largest and popular political party in by elections and it was reflection of the general elections.