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Print Print 2024-03-05

IMF: PM asks his team to begin a course of action

  • Directs it to prepare an action plan on an emergency basis to improve the economic situation
Published March 5, 2024

ISLAMABAD: Prime Minister Shehbaz Sharif directed to immediately proceed with respect to talks with the International Monetary Fund (IMF) regarding the Extended Fund Facility (EFF).

He directed this while presiding over his first meeting as prime minister on Monday regarding improvement in the economy. He was given a detailed briefing on the country’s economic situation by the finance secretary.

The prime minister directed to prepare an action plan on an emergency basis to improve the economic situation and said that the public has given them the mandate for this purpose and betterment of the economy is the first priority of the new government.

PM Shehbaz asks authorities to ‘immediately engage’ IMF regarding Extended Fund Facility

He said that government will work hard to promote investment in the country and provide facilities to the business community.

The meeting was told that the Federal Board of Revenue (FBR) has cleared tax refunds of Rs65 billion.

The prime minister directed to immediately proceed ahead on talks with the IMF regarding the EFF.

He said that that those taxpayers who are working for the increase in domestic exports and value addition in the country’s economy are assets. Such taxpayers will be appreciated at the government level. Shehbaz Sharif said that automation is inevitable to bring transparency in the FBR and directed to start work on automation of FBR and other organisations immediately.

The prime minister said that state-owned entities that are loss making or are a burden on the national exchequer will be privatised so that these entities do not further burden the country’s economy.

The prime minister directed to form a committee to formulate a clear strategy for reducing the privileges of the government boards’ members.

He also directed to prepare a plan for transition of power and gas sectors to smart metering as this would help in reducing line losses.

The prime minister asked all the banks and financial institutions to prepare strategies for the promotion of small and medium businesses so that the youth of the country can get employment opportunities, thereby helping them to stand on their own feet. The prime minister said that the size of the government will be reduced; Institutions that are no longer needed should either be merged or closed down, adding that a strategy should be made in this regard.

He said that the Special Investment Facilitation Council (SIFC) is a very important step in terms of economic stability in the country, which will be further strengthened. He said that the next meeting will be held regarding the FBR.

Shehbaz Sharif said that steps will be taken on an emergency basis to provide facilities to the people. The government will ensures provision of facilities to the business community, investors, and youth.

Copyright Business Recorder, 2024

Comments

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Tariq Qurashi Mar 05, 2024 10:56am
With all the political heat, one may forget that we also have an economic emergency on our hands. We need a good local, not imported, Finance Minister, with the ability to undertake serious reforms.
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Sarah asif Mar 05, 2024 11:34am
I need a bike because of pick and drop issues i need a bike so i can manage going to college by myself
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Sarah asif Mar 05, 2024 11:34am
Need a bike please
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adil Mar 05, 2024 11:50am
@Tariq Qurashi, Finance minister local or imported have no significant difference first and last option for Pakistan is RULE of Law.
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Amjad Ali Mar 05, 2024 01:12pm
I also need bike to go college please share information
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KU Mar 05, 2024 02:12pm
Maybe time has come to review the non-beneficial existence of all SOEs and with a stroke of legislation, privatise them. The same action to catch/jail, electricity/gas thieves would suffice economy.
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Usman Mar 05, 2024 10:27pm
@Sarah asif, stop asking for it from the govt.Earn some money on internet and buy it yourself.
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T Mar 06, 2024 06:17am
@Usman, you mean earn money from the economy that is being run by begging?
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T Mar 06, 2024 06:18am
the course of action involves preparing the bowl to beg.
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