Business
Pakistan will not leave the IMF program: Shaukat Tarin
Islamabad: Federal Finance Minister Shaukat Tarin has said that Pakistan will not leave the International Monetary Fund (IMF) program.
While briefing media, Shaukat Tarin said that the country was facing a number of problems like trade gap of $20 billion alongside debt payment issues, which eventually forced the government to approach the IMF.
“The problem is that the situation this time around was completely different to what it was in 2008 when I approached the international financial institution. The current IMF program was quite challenging and such conditions were implemented, which has a political cost as well. But the present government moved country towards economic stability by following the stringent conditions of IMF. Pakistan will not leave the program as it is ongoing, but the IMF has been told that we need to facilitate due to the third wave of coronavirus pandemic,” he said.
The finance minister further stated that government has told global monetary fund that 92 percent of the revenue target was being collected, however, due to the third wave of pandemic, the collection has come down to 57 percent.
“The tax net will be increased, but we have told the IMF not to give us the revenue target,” he said adding that the third deadlier wave of Covid-19 is threatening the process of the economic recovery of Pakistan.
Referring to the inflation, Shaukat Tarin said that government is aware of the surging prices and Prime Minister Imran Khan is concerned about reducing inflation for the common man.
“PM has issued special directives to control inflation. He is also paying specific attention to the extraordinary difference in price margins between farmers and retailers. The government will soon launch the Kamyab Kissan program which will be beneficial for grassroots development,” he said.
The finance minister said that government is working on giving incentives to industries, agriculture, and the housing sector in order to create employment opportunities and boost growth.