ISLAMABAD: Finance Minister Shaukat Tarin has said that talks with International Monetary Fund (IMF) have been completed and the answer is yet to come.
Shaukat Tarin said that in the 60’s, we had the fourth-largest economy in Asia, however, wide nationalization caused various problems. “As a result, the Pakistani economy continued to suffer losses due to these challenges, structural problems, and failure to take timely action could not lead the economy in the right direction,” he said.
He said that the rate of taxes was very low as compared to GDP, there was a wide imbalance in exports and imports, the growth rate of the economy was also shaky, there was no balance in income including current expenditure and resources, he maintained.
He said that the PTI government had incurred a deficit of Rs.20 billion in 2018. It received help from friendly countries but it was insufficient. Our economy was facing problems due to discount rates, the exchange rate of rupees, and heavy payments, he said.
He said that the government tried to control them by taking concrete steps, the government was hit by the coronavirus epidemic two years ago, the government got a growth rate of 2.7 GDP. He said that steps have been taken to bring the growth rate to 6 percent for the betterment of the economy.
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The government improved the economy through effective strategies, we had to go to the IMF to deal with the challenges, strict measures have been taken to stand on our own two feet, PM Imran Khan was forced to go to the IMF.
He said that the policy adopted by PM Imran Khan during coronavirus was appreciated by the world, Pakistan needs stable economic growth, we are giving funds directly to the poor, the savings rate in Pakistan is still very low. The economy cannot grow without the development of agriculture, he maintained.
The finance minister said that funds were spent for social security under the Ehsas program. This is not a political program but a public welfare scheme, he said by adding, “The state of Madinah was a welfare state.”
He said that Rs. 10 to 15 billion would be provided monthly through the Successful Pakistan program. This is an excellent package for 4 million families which would enable sustainable development and sustainable growth rate in the next two to three years.
Talking informally, Shaukat Tarin said that the talks with the IMF have been completed and their response is due by Friday. Tarin said that he has informed the IMF about the steps taken to improve the economy.
