Pakistan Finance Minister acknowledges IMF's pressure on its fragile economy

Pakistan Federal Minister of Finance Shaukat Tarin on Sunday conceded that many decisions made by the government were the result of pressure applied by the International Monetary Fund (IMF).

Shaukat Tarin admitted there was such pressure, adding that negotiating with the IMF for the restoration of USD 6 billion Extended Fund Facility (EFF) was not a cakewalk this time due to the situation of the region after the US exit from Afghanistan, according to the News International.

Earlier, Pakistan finance minister was speaking on a number of issues, including Supplementary Finance Bill 2021, State Bank Amendment Bill, inflation, prior actions demanded by IMF and other core issues related to finance.

About possibility and deadline of passage of Supplementary Finance Bill 2021 ( Mini-Budget) from the National Assembly, Finance Minister Tarin expressed the hope that the bill will sail through easily and would be enacted by parliament, within the given time-frame as committed to the IMF, citing Geo News, News International reported.

With Supplementary Finance Bill and the State Bank of Pakistan Autonomy Bill, the Pakistan government aims to meet certian conditions set by the IMF. It needs to pas the bill before January 12 when the IMF Executive Board will give the final node to a USD 1 billion trance for Pakistan.

IMF further stressed the necessity to curb inflation, preserve exchange flexibility rate and fortiy international reserves.

Lately, Pakistan has been witnessing currency devaluation, high inflaiton and a current account deficit compounding it's economic problems.

( With inputs from ANI )

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