No new IMF SBA on the cards: Hafeez

Finance Minister Dr Abdul Hafeez Shaikh has informed the Economic Co-ordination Committee (ECC) of the Cabinet that International Monetary Fund's (IMF) new programme is not on the cards in the near future. He was replying to questions raised by the ECC members regarding new IMF programme as is being mentioned in the media.
"The government has no immediate plan for IMF loan and what is being reported in the media on this account has no relevance," the sources quoted Finance Minister as assuring his cabinet colleagues. The ECC was also briefed on the economic situation of the country. It was stated that for the first time the CPI inflation as well as food inflation has come down to single digit. However, the core inflation is still at 10.4 per cent which is a cause of concern.
Finance Ministry officials stated that with the receipt of $1.10 billion from Coalition Support Fund (CSF), foreign exchange reserves have reached $15.2 billion. The government has initiated certain measures for the common man like national internship programme, tuition fee-free education for students of FATA and backward areas of Khyber Pakhtunkhawa (KPK), and 10 per cent discount on essential items on utility stores outlets.
It was further stated that overall the economy is moving in the right direction and all the major economic indicators were improving. Finance Minister expressed the hope that given various measures undertaken by the government the economy will further improve.
Earlier, the ECC was informed that the national award Nishan-i-Imtiaz was conferred on Farooq Naik, Minister for Law and Justice. Finance Minister and members of the ECC congratulated Naik and recognised that the award is an acknowledgement of the valuable services rendered by Farooq H Naik for the country and his struggle for restoration of democracy. The ECC went on to state that the award was a reflection of the party leadership's confidence in him and he was first elected to the exalted office of Chairman Senate and when the leadership needed his services in the Ministry of Law and Justice, he did not hesitate to accept this responsibility.
Makhdoom Shahab-un-Din, Ahmad Mukhtar and Qamar Zaman Kaira also expressed similar feelings. On behalf of civil bureaucracy, Cabinet Secretary, Nargis Sethi also felicitated Farooq Naik. In response, Naik thanked Finance Minister and members of the ECC and the civil bureaucracy for their sentiments and stated that he has always tried to serve the country to the best of his abilities.