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Pakistan

Dr Shamshad vows all obligations, including those with IMF, will be fulfilled

  • Statement from Finance Division comes as caretaker minister assumes charge on Thursday
Published August 17, 2023
Photo: AFP
Photo: AFP

Newly appointed caretaker finance czar Dr Shamshad Akhtar has expressed her dedication to fulfil all international obligations, including those with the International Monetary Fund (IMF), a statement from the Finance Division stated on Thursday.

Dr Akhtar took oath as Caretaker Finance Minister of Pakistan at the President House on Thursday, along with 24 others in the caretaker prime minister’s cabinet.

She brings with her years of experience from a distinguished career in both national and international roles. Dr Akhtar has a background in finance, economics, and development.

Back in 2006, she took over as Governor State Bank of Pakistan for a three-year term, becoming the first woman to head the country’s central bank since its inception in 1948.

“Upon assuming her new role, Dr Shamshad Akhtar expressed her dedication to ensuring fiscal discipline, promoting investment, and bolstering efforts to address income inequality. She also emphasised that all the international obligations, including those with the IMF, will be fulfilled,” the statement said.

The appointment comes at a time when Pakistan remains enrolled in the International Monetary Fund (IMF) programme. Under a $3-billion nine-month Stand-By Arrangement (SBA), the country received the first tranche of around $1.2 billion last month.

However, despite clinching a last-minute deal, which helped the nation avert a potential default, pressure remains as the nation’s financing requirements remain elevated.

At such a time, the caretaker setup, which is normally responsible for conducting free and fair elections, has the added burden of navigating reforms promised to the IMF.

On her arrival at the Finance Ministry, she was welcomed by Secretary Finance and senior officials of the ministry.

Later, Secretary Finance and his team gave a detailed briefing on the economic situation and trends of major financial economic indicators of the country.

Earlier this week, Dr Akhtar was conferred the Nishan-i-Imtiaz by President Dr Arif Alvi on the occasion of Independence Day.

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M raza Aug 18, 2023 12:45am
Please ask government corporations wapda ntdc nha etc not to give projects to Chinese companies they bring engineer from china sub contractor from china machenry from china shoes shampoo tissue stationary almost everything from except they only purchase in Pakistan tomato and potatoes chicken or beef thats why more forex shortage in Pakistan after starting cepec if government corporations give them projects enforce them to bring Chinese staff less then 5% otherwise must Pakistan will because of cepec and china
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Shahid Khan Aug 18, 2023 01:55am
How about timely elections??
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Sunnybabar Aug 18, 2023 03:05am
My peymant
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