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Negotiations with IMF moving ahead in positive way: Hafeez Shaikh

Negotiations with IMF moving ahead in positive way: Hafeez Shaikh
May 8, 2019
ISLAMABAD (92 News) – Adviser on Finance Abdul Hafeez Shaikh said on Friday that the negotiations with International Monetary Fund (IMF) are moving ahead in a positive way to reach a program. Addressing an Investment Conference, the PM adviser said that IMF package will provide a platform for macro-economic development in the country. Dr Hafeez Shaikh also said that agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan's commitment to fiscal discipline.
Upcoming budget
The adviser said the upcoming budget will contain steps to address gaps in current account deficit and fiscal deficit for attaining sustainable economic growth. Hafeez Sheikh said the government’s measures have resulted in reduction in imports and increase in exports and remittances. He said steps have also been taken to decrease expenditures, and coordinated efforts are underway to increase revenue.
Hafeez Shaikh will preside ECC session today
Adviser to Priem Minister on Finance Dr Abdul Hafeez Shaikh will preside meeting of Economic Coordination Committee (ECC), for the first time, of the Cabinet on Friday (today). It is pertinent to mention here that after the resignation of former finance minister Asad Umar, for the first time, Hafeez Shaikh would preside over the ECC meeting. During the ECC session, an 18-point agenda will be discussed. The issue of hike in prices of petroleum products would be one of the key points of the agenda. The ECC will decide the extent of hike in petroleum prices. It was reported that a comprehensive new plan for Pakistan Steel Mills and a summery for appointment of an advisory consortium for the mill would be tabled in the meeting for consideration. It also said that a summary of Rs 54 crore supplementary grant for National Savings Organizations would be presented the summary of supplementary grant for Oubjab Rangers would also be tabled ib the meeting. On April 16, Prime Minister Imran Khan had reconstituted the Economic Coordination Committee (ECC) and appointed his Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh as its new chairman.