AGL 5.70 Decreased By ▼ -0.08 (-1.38%)
ANL 8.95 Increased By ▲ 0.07 (0.79%)
AVN 78.85 Decreased By ▼ -0.07 (-0.09%)
BOP 5.24 Decreased By ▼ -0.04 (-0.76%)
CNERGY 4.70 No Change ▼ 0.00 (0%)
EFERT 81.40 Decreased By ▼ -0.20 (-0.25%)
EPCL 50.90 Decreased By ▼ -0.01 (-0.02%)
FCCL 13.30 Decreased By ▼ -0.08 (-0.6%)
FFL 5.79 Increased By ▲ 0.07 (1.22%)
FLYNG 7.10 Decreased By ▼ -0.05 (-0.7%)
FNEL 4.85 Increased By ▲ 0.03 (0.62%)
GGGL 8.90 No Change ▼ 0.00 (0%)
GGL 14.72 Decreased By ▼ -1.16 (-7.3%)
HUMNL 5.75 Decreased By ▼ -0.02 (-0.35%)
KEL 2.65 Decreased By ▼ -0.01 (-0.38%)
LOTCHEM 29.02 Decreased By ▼ -0.03 (-0.1%)
MLCF 24.90 Decreased By ▼ -0.20 (-0.8%)
OGDC 72.20 Decreased By ▼ -0.25 (-0.35%)
PAEL 15.21 Decreased By ▼ -0.14 (-0.91%)
PIBTL 5.03 Decreased By ▼ -0.02 (-0.4%)
PRL 16.32 Increased By ▲ 0.03 (0.18%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.36 Decreased By ▼ -0.01 (-0.11%)
TPL 7.26 Decreased By ▼ -0.07 (-0.95%)
TPLP 18.85 Decreased By ▼ -0.10 (-0.53%)
TREET 21.90 Decreased By ▼ -0.10 (-0.45%)
TRG 138.81 Decreased By ▼ -2.34 (-1.66%)
UNITY 17.10 Increased By ▲ 0.08 (0.47%)
WAVES 9.97 Increased By ▲ 0.07 (0.71%)
WTL 1.43 Increased By ▲ 0.02 (1.42%)
BR100 4,252 Decreased By -3.1 (-0.07%)
BR30 15,631 Decreased By -101.5 (-0.64%)
KSE100 42,367 Decreased By -26.3 (-0.06%)
KSE30 15,645 Decreased By -19 (-0.12%)
Business & Finance

Current COVID wave threatens Pakistan's economic recovery: Tarin

  • “The current IMF program was quite difficult and such conditions were imposed, which has a political cost as well," said Tarin.
Published May 5, 2021
Follow us

Finance Minister Shaukat Tarin on Wednesday has said that the current wave of coronavirus pandemic is threatening the process of the economic recovery of Pakistan.

Briefing media persons, the finance minister said that Pakistan was facing a number of issues such as a trade gap of $20 billion alongside debt payment issues, which compelled the government to approach the International Monetary Fund (IMF).

“However, this time around the environment was not the same as it was in 2008 when I went to the IMF,” he said.

“The current IMF program was quite difficult and such conditions were imposed, which has a political cost as well. However, the present government was able to follow the stringent conditions of the IMF and was able to move the economy towards stability and it was time to move towards growth,” he said.

On the IMF program, the finance minister said that Pakistan will not leave the IMF program, and the program is ongoing, but the IMF has been told that we need to facilitated due to the third wave of COVID-19.

“We told the IMF that 92pc of the revenue target was being collected, however, due to the third COVID wave, the collection has come down to 57pc. We will increase the tax net, but we have told the IMF not to give us the revenue target,” he said.

"Our philosophy is that we have to move from the stabilization phase towards growth mode. In order to achieve this growth, we need to incentivize industries, agriculture, and the housing sector in order to generate employment and bring growth," he said.

The Finance Minister said that the Prime Minister was concerned about reducing inflation for the common man, for which he was paying attention to the extraordinary difference in price margins between farmers and retailers.

The finance minister said that the government will soon launch the Kamyab Kissan program, saying that the Kamyab Kissan program is essential for grassroots development.

Comments

Comments are closed.

Current COVID wave threatens Pakistan's economic recovery: Tarin

Disasters cost $268bn in 2022: Swiss Re

PM for implementation of agreement reached at COP27

Flood relief activities: ‘Pakistan has received $738.53m foreign aid so far’

Jul-Nov trade deficit shrinks 30.14pc to $14.406bn YoY

Deemed income on capital assets: Taxpayers required to file new form separately

LPG price up by Rs11.7/kg for Dec

PRL barred from shutting down this month

No curbs on oil, LNG and POL products’ LCs: SBP

HSD, SKO & LDO: PL increased to generate Rs36.199bn

Remittances may drop by 7.4pc to $29bn: World Bank