Finance Division dismisses rumours over supposed economic emergency proposals

The Finance Division on Tuesday rejected reports of supposed economic emergency proposals circulating on social media, saying it not only strongly rebuts assertions made in the said message, but also categorically denies it and that there is no planning to impose economic emergency.

In a statement, the Finance Division said the message is "unfortunately aimed at creating uncertainty about the economic situation in the country".

"The creation and spread of such false messages are against the national interest in these times of economic hardship. A mere reading of the nine points mentioned in the message indicates how far-fetched those suggestions are," the statement read.

The Finance Division said it was quite "inappropriate to equate Pakistan with Sri Lanka, given the inherent strength and diversity of Pakistan’s economy."

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The statement added that the present difficult economic situation is mainly the result of exogenous factors like the commodity super-cycle, the Russia-Ukraine war, global recession, trade headwinds, the Fed’s increase in policy rates, and devastation wreaked by unprecedented floods.

"The government has been making utmost efforts to minimise the impact of such external factors, even when faced with the economic consequences of unprecedented floods and having to meet IMF conditionalities. The Government remains committed to completing the IMF program while meeting all external debt repayments on time."

It added that in this challenging economic situation, the government has put in place a number of austerity measures with the approval of the Federal Cabinet.

"Such measures are in public knowledge and are aimed at eliminating non-essential expenditures. Similarly, the Government has been deliberating energy conservation mainly aimed at reducing the import bill. Such deliberations will continue in the Cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest," the statement said.

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"With the efforts of the current government, the IMF program has come back on track, and negotiations leading to the 9th Review are now at an advanced stage. The government’s recent efforts have resulted, amongst others, in lower current account deficits in recent months and the achievement of FBR revenue targets. Easing up pressure on the external account is also foreseen in the near future. While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability," it added.

The Finance Division urged the people of Pakistan to contribute towards economic betterment and stability and not to pay heed to malicious rumors mongering which is against the national interest of Pakistan.