ISLAMABAD:- (Eshfak Mughal):- Finance Minister Shaukat Tarin has said that 7th review meeting with Pakistan and International Monetary Fund has concluded and the Fund would likely to respond further on talks tomorrow.
While informal talking with media, Shaukat Tarin dispelled the rumours that the talks have suspended between Pakistan and the IMF teams. He said, “The rumours are being spreading while sitting in drawing rooms”.
He made it clear that the 7th review meeting has been completed and they will respond on Friday (tomorrow). He said that the authorities have briefed the IMF about the various steps taken for the economic growth.
Addressing the Pakistan Petrochemical Symposium, Finance Minister Shaukat Tareen said that there is no clear policy road map for investment in any sector. The Petrochemical Symposium will set the road map for improving the economic growth.
“Our economy is moving forward with many challenges. In the 1960s, Pakistan’s economy was the fourth-largest economy in Asia. Wider nationalisation in 70s led to various problems for the economy, than the both Afghan wars had a direct impact on Pakistan’s economy and caused severe problems”. He further said that the Pakistani economy was constantly suffering due to these challenges, structural problems and failure to take timely steps could not lead the economy in the right direction.
The Finance Minister said that PTI Government has found legacy of low tax ratio to GDP, huge trade deficit, shaky growth rate of the economy and imbalance between revenue and expenditure. He said that the PTI found $20 billion current account deficit on first day, which it tried to mitigate through help from friendly countries but was insufficient.
He also said that the economy was facing problems due to high discount rate, exchange rate of rupee and heavy payments, the government tried to overcome these problems by taking concrete steps.
He said that the government took steps to bring the GDP growth rate at 6 percent with effective strategy.
Senator Shaukat Tareen said that the government had to go to the IMF to deal with the challenges. The government has taken harsh measures to stand the country on its own feet, Finance Minister said.
He said that Pakistan needs a stable economic growth in the country. To insulate the poor from economic shocks, the government is giving direct funds to the poor segments of society. Moreover, economy cannot grow without development of agriculture, he further said.

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