ISLAMABAD - Federal Minister for Finance and Revenue Shaukat Tarin on Monday said that government was committed to the IMF programme and hoped to successfully complete the upcoming review as well as Article IV consultations.
Ms. Esther Perez Ruiz, the nominated resident representative of the International Monetary Fund (IMF), paid a courtesy call on the Federal Minister for Finance and Revenue Shaukat Tarin at the Finance Division. Ms Ruiz was accompanied by the outgoing representative of IMF Ms Teresa Sanchez on the occasion. Ms Ruiz is currently visiting Pakistan on a pre-assignment mission. The finance minister felicitated the nominated resident representative and expressed his best wishes for her upcoming assignment beginning in November, 2021. While extending a warm welcome, the finance minister stated that Pakistan is firmly committed to pursuing an all-inclusive and sustainable economic growth with key focus on “bottom-up” approach to uplift marginalized segments of the society. To this end, the government intends to engage development partners to broaden economic development through fiscal consolidation and prudent economic measures amid COVID-19 pandemic and in post COVID-19 scenario. He commended IMF for extending timely assistance during testing times.
The finance minister underlined the key initiatives of the government to provide maximum relief to the masses. The government is taking a range of administrative, policy and relief measures to absorb the upward pressure on prices of basic food commodities due to pandemic. The government has adopted a multi-pronged strategy to enhance revenue collection and to broaden the existing tax base. He also highlighted commendable performance of FBR in surpassing revenue collection targets in recent months despite ongoing COVID-19. The broadening of tax base in one of the key priorities of the government, he added.
Finance minister informed that implementation of track and trace for tobacco is being started from 1st October, 2021. This is also one of the requirements under the IMF Extended Fund Facility (EFF) programme. He also stated that reforms were being carried out in the power sector to address the issue of circular debt.
The new representative of IMF commended efforts of Pakistan in managing the spread of virus through a series of smart and targeted lockdowns to strike a balance between lives and livelihoods. She expressed hope to work closely with the government during her tenure. The finance minister affirmed full support and facilitation to Ms. Ruiz and wished her well with her new assignment in Pakistan. Earlier, Ms Teresa Daban Sanchez, County Representative IMF for Pakistan, made farewell courtesy call to Federal Minister for Industries and Production Makhdum Khusro Bakhtyar in his office. She was accompanied by Ms Esther Perez Ruiz, newly appointed Country Representative IMF in Pakistan. The minister welcomed the appointment of Ms. Ruiz in Pakistan and conveyed well wishes to outgoing resident representative Ms Teresa Daban. During the interaction, the sides exchanged views on economy of Pakistan in post-pandemic situation.
The minister highlighted the government’s endeavors to develop a long-term sustainable and viable economic plan to address issues pertaining to the fiscal and monetary situation in Pakistan. Ms Teresa lauded the efforts of GoP to curb the negative impact of the Pandemic through well-timed monetary & exchange rate policies. She also commended Pakistan’s response to the health and economic crisis amidst the pandemic and stated that the vital economic reforms needed to achieve the sustainable economic growth in Pakistan.
