The International Monetary Fund (IMF) is not only satisfied with the government’s measures to generate additional revenue of Rs. 170 billion through the supplementary finance bill but is also surprised at the speedy implementation of the agreed measures.
The claim was made by Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha while talking to media persons at the Parliament House on Thursday.
“These revenue measures were discussed and agreed with the IMF and have been put in place. This matter was already agreed with the Fund that the government is bringing such revenue measures”, said the minister, adding that IMF is surprised with the government’s pace of work.
She further disclosed that the IMF is also engaged with Pakistan’s friendly countries including Saudi Arabia, the UAE, and China with respect to the external financing needs of the country and would appraise the Executive Board.
Replying to a question, the minister said that external financing was discussed with the Fund. Our talks with friendly countries on external financing are ongoing and we are optimistic that things will move forward, she added.
The minister said that virtual talks are expected to be held with IMF late on Thursday and would the points of the Memorandum of Economic and Financial Policies (MEFP) would be discussed. The finalization of the MEFP would not take long, she added.
The policy level agreement was reached with the IMF mission before they left the country, however, on some wording/language, the government sought details while on some government provided details, she added.
Earlier, while briefing the Senate Standing Committee on Finance, she informed that the culture of giving subsidies in Pakistan is very old and needs to end. The IMF on the negotiation table conveyed to the government, “mulk chalao ya power sector”.
Pasha further said that the government was first considering totally banning imports of luxury items, however, the World Trade Organization (WTO), the IMF, and other international agencies were against it. Agriculture income tax is a provincial matter but the sector needs to contribute to the economy, she added.
The general public of this nation is already giving the most sacrifice, it is time that the IMF measures are also felt by the ruling elite, they must also sacrifice their way of luxurious life along with the rest of Pakistan. However, no step has been taken in this direction as of yet.
Idiot approach.