IMF guaranteed of Pakistan’s obligation to program

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ISLAMABAD: Minister of finance Shaukat Tarin on Monday assured the International fund (IMF) of Pakistan’s commitment to its ongoing Extended Fund Facility (EFF) programme and hoped to successfully complete the upcoming review also as Article IV consultations.

During a gathering with the outgoing and nominated resident representatives of the IMF, the minister of finance said the govt would formally launch the ‘track and trace’ system for tobacco products on Oct 1 this year. “This is additionally one among the wants under the EFF programme,” a politician statement quoted Mr Tarin as saying.

The minister told the IMF team that reforms were being administered within the power sector to deal with the difficulty of circular debt.

Negotiations with the IMF for sixth review of the EFF currently under recess along side Article IV consultations will begin on Oct 4. These are going to be followed by Mr Tarin’s scheduled visit to Washington to carry meetings with the IMF management and attend annual meetings of the planet Bank and IMF from Oct 11 to 17.

Esther Perez Ruiz, the nominated IMF resident representative, was on a courtesy call and amid outgoing representative Teresa Sanchez Daban.

Ms Ruiz is currently visiting Pakistan on a pre-assignment mission.

The minister of finance felicitated Ms Ruiz and expressed his best wishes for her upcoming assignment beginning in November.

Extending a warm welcome, Mr Tarin told the IMF official that Pakistan was firmly committed to pursuing an all-inclusive and sustainable economic process with specialise in “bottom-up” approach to uplift the marginalised segments of society.

To this end, the govt intends to interact development partners to broaden economic development through fiscal consolidation and prudent economic measures amid the pandemic and post-Covid scenario.

The minister of finance commended the IMF for extending timely assistance during testing times. He briefed the IMF representative on key initiatives to supply maximum relief to the masses and said the govt was taking a variety of administrative, policy and relief measures to soak up the upward pressure on prices of basic food commodities thanks to the pandemic.

The government has adopted a multi-pronged strategy to reinforce revenue collection and broaden the prevailing assets . He also highlighted the robust performance of the Federal Board of Revenue in surpassing revenue collection targets in recent months despite the continued Covid-19 pandemic. The broadening of assets is one among the key priorities of the govt , he added.

The new IMF representative appreciated Pakistan for its efforts to manage the spread of the virus through a series of smart and targeted lockdowns to strike a balance between lives and livelihoods. She hoped to figure closely with the govt of Pakistan during her tenure.

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