Finance Minister Asad Umar has said that the differences between the International Monetary Fund and the government are narrowing down. The IMF has softened on many of its demands.
He said this while speaking at an event at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Lahore.
Umar said that the government is planning to facilitate the small and medium enterprises (SMEs), small traders, and cottage industry to tap their full potential for the growth of the economy.
He further announced that the Economic Coordination Committee (ECC) will hold its next meeting on February 5 to discuss the special economic zones (SEZs) and the situation of current economic zones along with the cotton crop strategy 2019.
The finance minister was surprised that the cotton production of Pakistan in 2018 has remained less than it was in 1992. He called it an alarming situation and said that the cotton crop is the backbone of Pakistan’s economy.
He said this is the reason the ECC meeting agenda includes discussing the cotton crop strategy. The agriculture ministers from Sindh and Punjab will also be present at the meeting to frame the strategy.
Furthermore, the Board of Investment will also brief the meeting regarding the available facilities at the existing economic zones, give recommendations for improving the lacking facilities, and the future plans for SEZs.