The Finance Division on Tuesday rejected reports of supposed economic emergency proposals circulating on social media, saying it not only strongly rebuts assertions made in the said message, but also categorically denies it and that there is no planning to impose economic emergency.
“Finance Division not only strongly rebuts the assertions made in the said message, but also categorically denies it and that there is no planning to impose economic emergency,” a statement from the division read.
The statement mentioned that the message is “unfortunately aimed at creating uncertainty” about the economic situation in the country and can only be spread by those “who do not want to see Pakistan prosper”.
Finance Division issues a rebuttal on false message on supposed economic emergency proposals been circulating on social media. pic.twitter.com/chTW80SyZV
— Ministry of Finance (@FinMinistryPak) December 6, 2022
The Finance Division said it was quite “inappropriate to equate Pakistan with Sri Lanka, given the inherent strength and diversity of Pakistan’s economy.”
The statement added that the present difficult economic situation is mainly the result of exogenous factors like the commodity super-cycle, the Russia-Ukraine war, global recession, trade headwinds, the Fed’s increase in policy rates, and devastation wreaked by unprecedented floods.
“The government has been making utmost efforts to minimize the impact of such external factors, even when faced with the economic consequences of unprecedented floods and having to meet IMF conditionality’s. The Government remains committed to completing the IMF program while meeting all external debt repayments on time.”
It added that in this challenging economic situation, the government has put in place a number of austerity measures with the approval of the Federal Cabinet.
“Such measures are in public knowledge and are aimed at eliminating non-essential expenditures. Similarly, the Government has been deliberating energy conservation mainly aimed at reducing the import bill. Such deliberations will continue in the Cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest,” the statement said.
