The Finance Ministry dismissed fears of Pakistan’s default and said comparisons of Pakistan with Ghana and Sri Lanka are misleading.
The Finance Ministry says less than 10 percent of Pakistan’s commercial and sukuk bonds are due in April 2024, with the rest owed to international financial institutions and countries.
According to a statement issued by the Ministry of Finance, it is unfortunate that the staff level agreement is not in place despite following the IMF’s strict conditions, as a result of which the ninth tranche of the loan is delayed.
According to the statement, broad-based reforms were introduced in Pakistan in 9 months, including market-based exchange rate, adjustments in interest rates, mid-year taxes were imposed to improve the financial situation.
According to the Ministry of Finance, a levy was imposed on petroleum products under the IMF program, which is being charged at 50 rupees per liter. The prices of petroleum products have already doubled in one year. There will be no recession.
The Ministry of Finance says that there is no example of such preconditions of the IMF for any country, Pakistan will continue to face the economic difficulties successfully and will soon be on the path of sustainable development.
The statement said that the problems arising from the violation of IMF conditions by the PTI government had been overcome, and the economy would improve significantly after political stability.
According to the Ministry of Finance, the current account deficit has decreased from 17.5 billion dollars to 3.2 billion dollars.
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