- Shahzad Paracha
- 1 Hour ago
PM Kakar optimistic about IMF review, expects successful conclusion
- Web Desk
- Oct 31, 2023
WEB DESK: Caretaker Prime Minister Anwaar ul Haq Kakar expressed optimism on Tuesday regarding Pakistan’s upcoming review with the International Monetary Fund (IMF) scheduled for next month.
An IMF mission, led by Nathan Porter, is set to visit Pakistan from November 2-16 to discuss the first review of the country’s current $3 billion standby arrangement (SBA).
Pakistan, operating under a caretaker government, continues its efforts towards economic recovery following the approval of an IMF loan programme in July. This programme, instrumental in averting a sovereign debt default, provided Pakistan with an initial tranche of $1.2 billion.
“We have achieved our targets, including revenue goals. We are confident that our negotiations for the second tranche will be successful,” stated the interim prime minister.
Addressing concerns about inflation, the interim prime minister contested claims that there had been no decline in the inflation rate.
He cited reports indicating a decrease in the prices of essential items, attributing this to the appreciation of the rupee against the dollar and a reduction in the price of petroleum products.
Additionally, the prime minister urged journalists to assess the impact of the local currency’s appreciation against the dollar on the circular debt.
According to The News, he credited strict measures against smuggling, particularly in the context of Afghan transit trade, for revitalising local industries.
Previously, smuggling had placed local mills at a disadvantage, forcing some to shut down. According to PM Kakar, these positive indicators signify the country’s progress.