The Ministry of Finance briefed Prime Minister Shehbaz Sharif regarding the ongoing talks with the International Monetary Fund (IMF) on Monday.
According to a statement released by the Prime Minister’s Office (PMO), PM Shehbaz chaired a meeting to review the country’s economic situation.
The meeting was briefed on economic indicators and the current inflation situation, while updates were also provided on measures against tax evasion and those aiding tax evaders.
“The country is on the path to economic stability,” the PM was quoted as saying, adding that measures taken for economic growth have led to a positive trend in the stock market.
“Foreign investors are showing confidence in government policies,” he said.
Shehbaz said public relief must be prioritised. “We are making every possible effort to fulfil promises made to the public,” he assured.
The PM noted that the inflation rate has declined from 38% last year to 7%, while the interest rate has reduced from 22% to 15%. “The reduction in interest rates will boost business activity and create new employment opportunities,” PM noted.
During the meeting, the prime minister commended the Chief Minister of Punjab and the Punjab government for reforms in the agricultural sector.
“Actions against tax defaulters must be intensified. We will ensure that tax evaders and their facilitators are held accountable,” he said.
Federal Ministers including Muhammad Aurangzeb, Ahsan Iqbal, Attaullah Tarar, Musadik Malik, Minister of State Ali Pervaiz Malik, Prime Minister’s Coordinator Rana Ehsan Afzal, and other senior officials attended the meeting.
Last week, an IMF staff-level delegation, headed by mission chief Nathan Porter, visited Pakistan to discuss the $7 billion Extended Fund Facility (EFF) programme.
On Sunday, Finance Minister Muhammad Aurangzeb, in a recorded video statement broadcast by state-run PTV, implied that there would not be any new revenue measures.
“We are going to be very firm on compliance and enforcement,” he said, adding that al the sectors will have to play their role in contributing towards the country’s economy.
The talks in Islamabad came within six weeks of the IMF approving the bailout, an unusual move as it is rare for the fund to discuss reforms ahead of a review of the reform plan under the loan programme.
The first review of Pakistan’s reforms is due in the first quarter of 2025.
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