Govt acquires IMF concession to counter coronavirus

F.P. Report

ISLAMABAD: Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has said that the International Monetary Fund (IMF) has agreed not to incur additional expenditures of dealing with the coronavirus in the fiscal deficit.

In an informal discussion with the media in Islamabad, he said the Prime Minister had entrusted him with the responsibility of dealing with the economic impacts of coronavirus.

He informed that the government has been able to obtain significant concessions from the IMF for the prevention of coronavirus.

He said the costs incurred on coronavirus prevention would not be included in the country’s fiscal deficit. The advisor also said that government is aiming to develop strategies that will not affect economic activity and prevent shortages, increased prices of food items.

He also outlined other goals of the government amid the spread of the virus, which included preventing unemployment, fully compensating farmers and maintain export levels.

Dr Abdul Hafeez Shaikh said that global markets had lost $1 trillion in the fallout of the pandemic and during such tumultuous times, Pakistan’s stock market had only fallen 10 to 11%.

To fight the virus, the advisor said that financial and technical assistance will be sought from various countries and global financial institutions, as well as countries which have successfully dealt with the virus.

Responding to a question, he said the salaries of government employees would see an appropriate increase in the upcoming budget.