Aisha Ghaus Pasha, State Minister for Finance, stated on Monday that if the loan programme with the International Monetary Fund (IMF) is not revived, energy and gas rates in Pakistan will certainly Increase.
Pakistan’s economy is in disarray due to financial difficulties and a delay in reaching an agreement with the International Monetary Fund (IMF) that would release much-needed cash critical to avoiding default.
Aisa Ghaus Pasha told reporters that budget information had been exchanged with the IMF, adding that talks to complete the ninth review were also underway.
She added that the IMF MD has also assured Pakistan of completing the 9th review with Pakistan as soon as possible, as friendly countries have already assured the fund of external financial support to Pakistan.
In response to a question, Ms. Pasha stated that the IMF will not object to the coalition government’s tax exemption in the FY2023-24 budget. “Tax relief is critical to the recovery of the economy.”
She ruled out the possibility of confiscating foreign money accounts during the economic downturn. “No plans to seize foreign currency accounts in Pakistan.”
Earlier, Prime Minister (PM) Shehbaz Sharif expressed optimism about Pakistan’s chances of reaching an agreement with the International Monetary Fund (IMF) this month, stating that the government has accepted and implemented all of the global lender’s demands.