Connect with us

Hi, what are you looking for?

Online Business Success

Ready to take ‘tough measures’ to restart programme, Pak tells IMF

417704 085243 updates

The International Monetary Fund (IMF) — Reuters
The International Monetary Fund (IMF) — Reuters
  • Miftah Ismail holds virtual meeting with IMF.
  • Tough decisions would have to be taken as economy falters, says finance minister.
  • Pakistani authorities would make every effort to urge the IMF’s review mission that it should lower the cost of the inflation burden.

ISLAMABAD: Pakistan has indicated to the IMF negotiation team that it is willing to take “tough measures” such as increases in POL products and electricity prices, but only in stages, in order to restart the stalled $6 billion fund program.

According to reports, Pakistani authorities would make every effort to urge the IMF’s review mission that it should lower the cost of the inflation burden that will impact the population, and may ask for a phased-in approach to subsidy reversal, particularly on petroleum goods.

According to an official statement issued by the Ministry of Finance on Wednesday, Federal Minister for Finance & Revenue Miftah Ismail held a virtual meeting with the IMF mission chief.

Dr Aisha Ghous Pasha, Minister of State for Finance and Revenue, Secretary Finance, Governor State Bank of Pakistan, and Chairman Federal Board of Revenue all attended the meeting. 

Meanwhile, the first batch of the senior management of the Finance Division, SBP and FBR has already reached Doha for the 7th Review Mission.

The finance minister and minister of state will also join the team in Doha early next week to conclude the discussion with the expectation of reaching an agreement for the IMF’s continued support until the successful completion of the programme. The finance minister said that the government is still committed to the program’s planned reforms and to meeting the structural benchmarks.

IMF Mission Chief Nathan Porter shared the IMF’s assessment of the challenges being faced by the economy with the Pakistani delegation. He sensitised that Pakistan’s economy demanded both immediate and long-term corrective measures.

The finance minister stated that the government could understand the current economic woes but agreed that tough decisions would have to be taken, while mitigating the effects of inflation on the middle-to low-income groups. 

Advertisement. Scroll to continue reading.

He emphasised that some of the factors that have adversely affected the economic situation are beyond the control of the government. These included exogenous factors like supply shocks, commodity super cycles, and the Russia-Ukraine conflict, due to which commodity prices further soared. These factors are putting pressure on the current account as well as the foreign exchange reserves. 

The minister stated that the government would take measures to reduce the burden on the economy, while protecting the vulnerable sections of the population was also among the priorities.

The minister further stated that we should aim at addressing structural issues so that Pakistan is able to end its fiscal deficit and move towards sustainable growth. 

The finance minister thanked the IMF mission chief for support at such a difficult time for the global economy. Both sides showed a keen interest in completing the review successfully.

Source link

Click to comment

Leave a Reply


Top Stories

FTX founder Sam Bankman-Fried and Alameda Ventures made recent headlines for bailing out a handful of CeFi crypto platforms this week, but what exactly...

Top Stories

Although Bitcoin is struggling to form a bottom, altcoins are on a roll and the current price action could benefit UNI, XLM, THETA and...

Top Stories

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in...

Top Stories

The company enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions. Source link


Interested in learning what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit...

Top Stories

Bitcoin (BTC) made the most of weekend volatility on June 26 as a squeeze saw BTC/USD reach its highest in over a week. BTC/USD...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...