F.P. Report
KARACHI : Finance Minister Muhammad Aurangzeb has said that the country is going towards a big programme with the IMF (International Monetary Fund).
Addressing a ceremony held on the stock market here on Friday morning, he said the government would continue engagement for microeconomic stability with the IMF.
The minister said the government would hold talks with the IMF on April 14 and 15 in Washington and discuss initial features of the new programme. However, a detailed discussion on the programme would be held in Pakistan, Aurangzeb added.
He said the caretaker government also worked to improve the economy and due to its efforts the economy would stabilise soon.
He acknowledged that the caretakers’ staff level agreement with the IMF was important for economic stability.
Aurangzeb said that the stock market has an important role in improving the economy. Looking at things, it seemed that the stock market was going in the right direction, he added.
He also highlighted the performance of the agriculture sector which grew by 5 percent, with high yield of rice and wheat.
He said the government was working fast for reforms in the FBR (Federal Board of Revenue).
He admitted “tax leakages” and said it has to be stopped. “There are Rs1.7 trillion worth cases pending with the FBR. Efforts are being made to decide the cases within three months,” he continued.
Minister Aurangzeb said that thanks to better economic policies, the economy would soon be stable. He was all praise for Shehbaz Sharif for the SBA agreement during his term as a caretaker.
He claimed that inflation has decreased and exchange rate is stable due to former caretaker regime’s steps.
He said the government would outsource airports and privatise PIA. The work on privatisation of PIA has started, he added.
Aleem Khan cannot carry out privatisation programme alone, other ministries have to work together, he maintained.
DR SHAMSHAD AKHTAR
PSX Chairman Dr. Shamshad Akhtar, while speaking through video link, said that positive steps were being taken to improve the stock market.
She said that the banking sector was performing better and we are planning to sign agreements with the sector.
She expressed the hope that these agreements would open new avenues for investors.
She revealed that the World Bank has expressed desire to work in the energy sector.
Dr. Shamshad stressed on strengthen the linkages between the banking sector and the capital market.
She placed emphasis on digitisation of revenue system.
Earlier, Finance Minister Aurangzeb attended the gong ceremony of the Pakistan Stock Exchange (PSX) and opened day’s trading by ringing the bell.
The KSE-100 index gained 90 points to reach 67,232 points in the early morning trading.
