Sub-committee of NA body resolves: IMF to be asked to give reforms 'human face'

The Intern-ational Monetary Fund (IMF) would be asked to give its reforms program designed in $6 billion Extended Fund Facility (EFF) a 'human face' and undertake it in a way that 'stabilization efforts should not hurt the people.' Dr Ayesha Ghaus Pasha, who is heading a three-member subcommittee of Finance Committee of the National Assembly, told media persons after the meeting.
Former state minister for finance Hina Rabbani Khar and Ramesh Kumar are members of the committee constituted by the main committee to suggest recommendations to bring down the inflation. The committee members were also in agreement that inflation has to do a lot with the government policies and agreement was not negotiated by the government's economic team in the best interest of people and the country.
Treasury member Ramesh Kumar was also disenchanted over the government's economic performance and stated that 40 percent businesses have been shut down in the country primarily because no one can afford to do business with interest rate as high as 16 percent. Dr Ayesha Ghaus Pasha said that front-loaded IMF program has pushed the country's economy into recession and increased the government's suffering after inflation is in double digit and people of the country have been burdened by the price hike. She also revealed that a meeting with the IMF team will take place and the committee members would inform them about implications of the program. "All these issues will be discussed with the IMF on Tuesday [today], as the committee would convey to them that stabilization efforts hurting people and economy at present must be done in a way that these should not hurt the people."
"We will present our prospective to the IMF about their program", she said and added that the committee would also convey to the IMF its opinion that it should open its eyes and awake to the realities of Pakistan. She claimed that those who have negotiated the program were not very clear and may have not negotiated in the best interest of people and the country. Hina Rabbani Khar stated that "inflation is in Pakistan because of indigenous factors - monetary policy exchange rates and taxes - and not because of external factors."
Ramesh Kumar stated that as the government is also worried on increase in inflation and if the committee could come up with some unanimous suggestions, it would help it a long way to deal with the problem. He added that even if there are some issues with the IMF that can also be taken up with the Fund team on Tuesday (today). The subcommittee decided to get input from independent experts - President Lahore Chamber of Commerce Almas Haider, Dr Hafeez Pasha whose name was proposed by the chairperson of the committee Dr Aysa Ghausa Pasha, Sakib Sherani and Ashfaq Tola - to get their opinions about the factors responsible for spike in inflation and precisely what should be done to bring it down from double digit. The committee also decided to request Asad Umar, chairman main finance committee, to spare some time to attend the meeting and advise on set of implementable recommendations to the government with regard to inflation. The committee also decided that after taking independent opinion from experts, it would also have a meeting with the secretary finance, governor State Bank of Pakistan (SBP) and others.