ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan about the provision of funds for the relief Package worth $ 1.5 billion announced by Prime Minister Imran Khan last month. It was shared by Finance Minister, Shoukat Fayyaz Tarin during a news conference in Islamabad on Sunday.
While briefing the media regarding government fiscal policy, Tarin said that although IMF had inquired about the arrangements of funds for provision of the Prime Minster’s relief package despite rising inflation globally, the government of Pakistan has provided vital details to the international monetary body about origin of the funds.
While providing details on government’s strategy, Tarin said that the significant chunk of the funds would come from above target revenue the country would receive during the current fiscal year.
According to Finance Minister, he will meet the IMF’s officials on Tuesday to discuss the details of Pakistan’s strategy to meet the required funds for subsidy package for the remaining four months of current fiscal year.
While enumerating the success of incumbent government, Tarin said that Pakistan has progressed seven points at the world happiness index that confirms the improvement in Pakistan’s economic gains particularly increase in GDP, generosity, life expectancy level, corruption perception and social protection programs during the tenure of PTI government.
According to him, the large-scale manufacturing has touched 8.2 percent growth rate resulting in huge increase in country’s export, whereas imports has reduced largely during this period.
While responding to a media query, Tarin claimed that the prudent economic policies of PTI government have led to significant reduction in current account deficit which reduced to $ 545 million from over $ 20 billion at the beginning of PTI’s rule in the country.
Tarin hoped that the current trajectory of economic growth will continue, and the government would be able to maintain it at the rate of 5 plus by the end of the current fiscal year.
While answering another question regarding 7 th review of the IMF’s $ 6 billion Extend Funds Facility (EFF) for Pakistan in 2019, Tarin was of the view that the government has done its homework and provided necessary details to the lender.
Currently, the IMF’s review for Pakistan’s EFF program is underway and PTI government is facing the challenge of convincing the world body that the PM’s subsidy program has not derailed the country’s economic trajectory and Pakistan would be able to achieve its target set by the global financial institution in February this year.