ISLAMABAD, Mar 9 (APP): Prime Minister’s Coordinator on Economy and Energy Bilal Azhar Kayani on Thursday said the staff level agreement with the International Monetary Fund (IMF) would pave the way for financial inflows from other multilateral institutions as well.
The agreement with the IMF was expected within next few days, he said in a Radio Pakistan Podcast.
As part of the short-term measures for addressing the prevailing economic challenges, Bilal Azhar Kayani said the government was fully determined to complete the IMF programme and enhance exports as well as foreign exchange reserves to a comfortable level of 1$8 billion.
He said reducing burden on people was another important priority. Despite financial constraints, he added, the government had increased allocation of funds for the Benazir Income Support Programme.
A mega Ramazan Package, he said, had also been announced for the downtrodden segments of the society. In addition, the flood-affected people would also be given special attention under the short-term strategy.
He expressed confidence that short-term targets would be achieved before the next general election.
To a question, the coordinator said the government was striving to achieve the tax and revenue collection targets.
As a medium-term strategy, Bilal Azhar Kayani emphasized on enhancing foreign direct investment and exports. He also underlined the need for value addition and diversification of exports with a special focus on facilitation of the youth in the start-ups and increase in agricultural produce.
Suggesting long-term measures, he said Pakistan’s progress would remain elusive without enrolling the out-of-school children, improving quality of education, and providing better health facilities.
Women empowerment was another key feature in the long-term strategy, he added.
Responding to a question about the expected results from the ongoing austerity drive, he said the coalition government under the leadership of Prime Minister Shehbaz Sharif had been taking all possible measures, including curtailing expenditures, to bring economic stability.
Giving context to the current difficult economic situation in the country, Bilal Kayani said the PTI government’s repetitive mistakes, incompetence of its economic team and breach of agreement with the IMF led to the current economic crisis.
He said the Pakistan Tehreek-e-Insaf (PTI), on realization of end of its government in last February 2022, unrealistically reduced prices of petroleum products and electricity and also froze them.
He said public debt during the PTI government increased by 75 percent from 25,000 to 44,000 billion rupees.
Presenting a comparison with the PTI government, Bilal Azhar Kayani said during the Pakistan Muslim League-Nawaz (PML-N) government in 2013-18, inflation was low and fiscal deficit was under control.