ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar revealed that government will begin talks with International Monetary Fund (IMF) on quarterly review at end of October to get next tranche.

In briefing to Senate Standing Committee on Finance and Revenue, Shamshad said that macroeconomic indicators were “Very bad”.

Inflation had reached 38 percent but “Good news” was that it was declining, she added. She said that in 2023 inflation reached record level and GDP declined to 0.3 percent. But she believes that inflation had stopped increasing but was not declining due to high demand.

“In 2023, production of major industries decreased by 10 percent,” She said that in 2022 agricultural product also declined by 2.5 percent.

“Country’s economy was affected by floods and Ukraine war,” Dr Akhtar said. Four million people became victims of poverty and unemployment in country has reached 10 percent. “Pakistan is under pressure due to debt repayment,” she said.

Caretaker government was working to restore economy through institutional stability and her ministry was working on an economic recovery programme by taking short and medium-term measures. She said that government is also requesting Riyadh to provide oil on loan.

Published in The Daily National Courier, September, 29 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.