Response to MPs’ queries about IMF: Dar says ‘odd politics’ being played against country

ISLAMABAD: Finance Minister Ishaq Dar on Friday said odd politics is being played against Pakistan, in response to the parliamentarians’ queries with regard to the future of the International Monetary Fund (IMF) programme.

During a meeting of the National Assembly Standing Committee on Finance presided over by Qaiser Ahmed Sheikh, the finance minister said that it is unfortunate and beyond his understanding that this sort of odd politics is being played against Pakistan. Dar said what they want and why they want he could not understand.

The members of the committee wanted to know the future of the IMF programme when the country needed it the most to unlock inflows.

Dar says IMF still procrastinating

The minister said that his effort was to complete the programme as technical review was over on 9th February but there has been an unnecessary delay in the staff-level agreement.

He said that the 3.5 per cent GDP growth target will be easily achievable and the government is required to take steps to take the country out of low growth of 0.29 percent even if there are no elections.

He said that some sectors have been given incentives in the budget to achieve growth and development for employment generation. The finance minister claimed that the country would receive back US$1 billion from China, which was repaid as well as negotiations for $300 million are in progress for additional $300 million from the Bank of China and Chinese $1 billion safe deposit would also be rolled over.

He said that Pakistan tried hard to complete the 9th review of the IMF programme, adding “It takes two to tango’’.

Earlier, Dr Nafisa Shah, a member of the committee raised questions on the budget for the new financial year. She said that first of all the committee should discuss whether this budget is real or not as only two months are left in the government’s tenure but the budget has been presented for the entire fiscal year.

She added that the financial situation of the country is very dismal and the county is in the IMF programme and in such circumstances was there any need of this kind of expansionary budget.

She said that some procedural deviations have also been committed by not presenting the budget strategy paper to the committee. She said that neither the IMF nor the people and industrialists are happy with the budget. Ali Pervez Malik also emphasised the importance of the IMF programme for the country.

He said that the committee should have been informed as to how much tax will be collected from the existing taxpayers and how much from the new taxpayers to mobilise additional Rs2 trillion in the next fiscal year to achieve Rs9.2 trillion target.

The committee also expressed concern over the delay in the appointment of the CCP board members for over a year, as well as of president ZTBL and president NBP.

A senior official of the finance minister stated that the summary of the CCP Board members was sent to the prime minister for approval.

Copyright Business Recorder, 2023