Friday, June 18, 2021
Urdu Web Newspaper Live-TV(UK) Live-TV(PK)
Urdu Web Newspaper
Live-TV(UK) Live-TV(PK)

IMF's conditions for Pakistan is not only strict but it also carries political cost: Shaukat Tarin

IMF's conditions for Pakistan is not only strict but it also carries political cost: Shaukat Tarin
May 5, 2021

ISLAMABAD (92 News) - Federal Minister for Finance Shaukat Tarin on Wednesday said that the conditions imposed on Pakistan by the International Monetary Fund (IMF) are not only strict but they also carry a political cost.

Briefing the media, the finance minister said that Pakistan will not come out of the IMF program but it will seek space from the financial institution given the current situation of COVID-19. "We have already held some good talks with the IMF and the World Bank," he added.

He also explained that the environment was not the same as in 2008. “Back then, the world was supporting us because of the Fight Against Terrorism. But now some countries made it more difficult for us because of which we faced many restrictions.”

“Despite those challenges, the government moved towards the stability of the current accounts and then focused on growth.” The government even announced a Rs1.2 trillion relief package and it made the situation stable.

Economy towards growth mode

Shaukat Tarin has said the government is pursuing a policy to take the economy towards growth mode. He said that the goal will be achieved by incentivizing the industries, agriculture and housing sectors. This, he said, will provide job opportunities to the people.

Unveiling the way forward, he said that twelve working groups have been constituted in the Economic Advisory Council to frame short, medium and long term policies for different sectors.

The finance minister said that price stability is our key focus and it is the aim of the government to check the inflation to provide relief to the common man.

Shaukat Tarin said the scope of social protection will be further expanded under Ehsaas Program. "Healthcare, employment and skills development will also be made part of it."

FBR done some good work to enhance revenue collection

The minister pointed out that the FBR has done some good work to enhance the revenue collection. However, more programs will be announced in the next budget to eliminate harassment to encourage the people to pay taxes. He said there was growth of 57 per cent in revenue collection in the month of April this year as compared to the corresponding period last year. He said it is our target to further expand the tax base.

Shaukat Tarin said that reforms in the energy sector will be introduced and spending on the agriculture sector will be increased to strengthen this vital sector of economy.

Foreign Direct Investment

"We also want to bring Foreign Direct Investment in the export oriented industries in order to bolster our exports," the minister said. He said there is a great potential of growth in the IT. "Its exports will remain two billion dollars this year and these can be enhanced to eight billion dollars in the next two to three years," he added.

He said a program will be introduced to increase loans for the small and medium enterprises. "Similarly, Kamyab Jawan and Kamyab Kisan programs will be further strengthened to bring prosperity at the grassroots level."