- Federal Minister for Finance and Revenue briefs IMF Mission Chief Nathan Porter on the economic situation caused by devastating floods
ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar on Thursday briefed the International Monetary Fund (IMF) Mission Chief, Nathan Porter, on the economic situation caused by the devastating floods in the country affected infrastructure, crops and the livelihood of the people.
The minister held a virtual meeting with the IMF Mission Chief on Thursday.
The finance minister recalled the meeting of Prime Minister Shehbaz Sharif with the MD IMF during his visit to the US, in which, the MD IMF has vowed to support Pakistan in this difficult situation caused by the flashfloods and reconsider the program conditions.
Official statement released by the Finance Ministry noted that the minister briefed on the economic situation caused by the devastating floods in the country affected infrastructure, crops and the livelihood of the people.
The finance minister stated that the government would take measures to reduce the burden on the economy while protecting the vulnerable sections of the population.
The minister further said that the government aims to address structural issues so that Pakistan is able to end its fiscal deficit and move towards sustainable growth.
The finance minister further reaffirmed the government’s commitment to undertake the reforms envisaged under the program.
IMF Mission Chief Porter extended felicitations to the finance minister on assuming the Finance Ministry and shared IMF’s assessment of the challenges facing the economy. He also expressed IMF’s support for Pakistan in this hour of need and in this context mentioned the meeting of the MD IMF with the Prime Minister of Pakistan.
The IMF Mission Chief also discussed the support of international lenders for the country to mitigate the effects of the flashfloods. The finance minister thanked the IMF Mission Chief for IMF’s support at a difficult time for the global economy.
Official documents of the ministry revealed that engagement with IMF for 9th review under the Extended Fund Facility programme is expected in Mid-October 2022. During a presentation given to the new finance minister, Ministries and Divisions and provinces agreed to comply with deficit targets agreed with IMF.
Copyright Business Recorder, 2022