Minister Of State For Finance Hails Revival Of IMF's Extended Fund Facility Program.

Minister of State for Finance and Revenue Aisha Ghaus Pasha has hailed the revival of IMF's Extended Fund Facility, pointing to its essential role in propping up the economy.

Speaking in a special program, she said renewal of the IMF program will help us get 1.1 billion dollars immediately and will pave the way for getting financing from multilateral and bilateral donors.

She said Pakistan has a pressing need for financing at this moment and this revival will not only help improve our economy and ability to meet international commitments but also stimulate the growth trajectory from which we had deviated.

Taking part in the discussion, MNA PML-(N) and an industrialist Qaiser Ahmed Sheikh said the approval of the IMF program will augur well for the country's economy. He said the previous government of PTI provided subsidies on petroleum products, which dented the country's image in negotiations with the IMF. Qaiser Ahmed Shaikh said Pakistan has foreign reserves of around 8 billion dollars which are not sufficient for meeting the import needs. He said we have to work hard to bring improvements to the economy and make diligent efforts to increase self-reliance.

The PML-N MNA said all political parties need to shun their differences and work collectively for the national economy. He said a charter of the economy is the need of the hour at this critical juncture. He identified an increase in exports and encouraged Foreign Direct Investment to strengthen the economy.

Qaiser Ahmed Sheikh said the offer of investment by Qatar and Saudi Arabia into various sectors of Pakistan's economy is a good development, which will increase employment opportunities for our people and our ability to innovate.

Senior economic journalist Mehtab Haider while tracing the delay in signing of the IMF program in 2019 said the agreement made with IMF in that year required tightening of fiscal and monetary policies and compressing the demand to stabilize the economy. He said the mistake made by the then PTI-led government was to change the finance minister as well as the whole economic team, including Governor SBP and Secretary Finance, without due consideration. Even the former finance secretary later publicly said that the PTI government agreed to the stricter conditions of IMF, which earlier had been lenient.

Mehtab Haider said in November...