ISLAMABAD: Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that government would meet conditions set by International Monetary Fund (IMF) to complete programme, but common man would not be affected by decisions. He said IMF agreement was hanging over government which it had to negotiate with Fund. Previous government recklessly agreed upon programme, therefore current government has no option but to continue programme. “We have to do lot of adjustments, but we will take decisions in larger interests of state,” he said and hastened to add, “We will try to put minimum burden on poor and common people”.

Addressing at an event here at Pakistan Institute of Development Economics (PIDE) he said Pakistan’s economy was in shattered condition when current government took over and keeping in view short available time, it decided to take short term measures to turnaround economy.

He stressed need for mobilising all available resources to increase productivity and exports of country so as to get rid of foreign loans on permanent basis. “Pakistan’s productivity capacity is very low as compared to standard average”, he said.

He said per acre wheat production in Pakistan can be increased by up to 80 percent by improving on-farm management. Similarly, “Our industrial production possess numerous inefficiencies due to which we are not competitive with world”.

He pointed out that export-led growth is important to resolve balance of payment issues, therefore stressed need to do all measures to earn maximum foreign exchange reserves.

He said in previous four years, debt servicing burden had increased to Rs 4,500 billion, so if resources are not mobilised, country’s all collected tax would be spent on debt repayment. “If Pakistani investors only bring out their money and invest in country, we will not need to go to IMF or any other lender”, he said.

He asked Ministry of Commerce to take urgent measures to increase country’s exports from current $ 32 billion to over $ 100 billion in shortest possible time.

Published in The Daily National Courier, January, 20 2023

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