A meeting of the National Assembly Standing Committee on Finance has expressed serious concerns over the International Monetary Fund (IMF) programme that led to fuel inflation and economic slowdown. This was revealed by Qaiser Sheikh of Pakistan Muslim League (Nawaz) while talking to media persons after the finance committee, chaired by Asad Umar, held an in-camera meeting with the IMF team led by its country director Jihad Azour.
Qaiser Sheikh of Pakistan Muslim League (Nawaz) said that members of the committee have expressed their serious reservations on depreciation of exchange rate, increase in interest rate as well as decline in investment and slowdown of economic activities in the country. He said that the members conveyed concerns to the Fund team very candidly; however, the Fund tem was defending the programme. The IMF has realized that revenue collection target is unachievable and programme may not be completed successfully, he claimed.
Nafeesa Shah of Pakistan Peoples Party taking to media persons stated that a number of issues, including slow down of GDP growth, were raised by the members before the IMF mission. She said that the IMF informed the committee that Pakistan economic fundamentals were seriously imbalanced and that is why the country needed the programme of the Fund.
Asad Umar said that all the members have expressed their views on the IMF programme and issue of inflation was also raised. He said the IMF team has expressed satisfaction on the performance of first quarter. Umar said that the members also raised the question on Financial Acton Task Force (FATF) but discussion could not be held on the issue, may be because of time factor. Umar said that IMF team briefed the committee why Pakistan needed Fund programme and about the way forward with regard to implementation of the programme. However, some members were reluctant to speak on the issues discussed with the IMF team during the meeting.
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