Islamabad: Prime Minister Shehbaz Sharif reiterated that country was facing substantial financial challenges, with International Monetary Fund “Combing every book” during ongoing negotiations over ninth review of $ 7 billion loan programme.

IMF delegation headed by Nathan Porter and government began  make-or-break discussions last week. Pakistan needs to complete review to stave off default. Addressing Azad Jammu and Kashmir (Assembly on Kashmir Solidarity Day here, PM Shehbaz said that Fund was scrutinising records of various ministries and reviewing “Everything” and “Every subsidy”.

“IMF is looking critically at every book, be it petroleum, finance, commerce or power sector,” premier said. “They are looking at each and everything. Every subsidy.”

 “We have to stay alive but only how alive nations live and not by begging,” he said. “This has been going on for 75 years. We have to put stop to this.” The premier vowed to break “this habit of begging” that country was embroiled in.

Meanwhile, Former Finance Minister Miftah Ismail predicted that things on economic front would "Remain tight" as "Economy faces severe liquidity crunch and experts fear default" in offing.

Pakistan with $350 billion economy is seeking crucial instalment of $ 1.1 billion from International Monetary Fund (IMF) to avoid default.

"Things will be tight for a while but we can get enough loans for now that we will get some room," Miftah said.

Published in The Daily National Courier, February, 06 2023

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