Tarin Hopes Successful Completion Of Upcoming IMF Review

Tarin hopes successful completion of upcoming IMF review

Federal Minister for Finance and Revenue, Shaukat Tarin on Monday assured the International Monetary Fund (IMF) that the government was committed to the fund's program and hoped to successfully complete the upcoming review and Article-IV consultations

ISLAMABAD, (UrduPoint / Pakistan Point News - 27th Sep, 2021 ) :Federal Minister for Finance and Revenue, Shaukat Tarin on Monday assured the International Monetary Fund (IMF) that the government was committed to the fund's program and hoped to successfully complete the upcoming review and Article-IV consultations.

He was talking to Ms. Esther Perez Ruiz, the nominated Resident Representative of the IMF, who paid a courtesy call on the federal minister.

Ms. Ruiz was accompanied by the IMF's outgoing representative Ms. Teresa Sanchez, said a press statement issued by the Finance Ministry.

Ms. Ruiz is currently visiting Pakistan on a pre-assignment mission.

The finance minister felicitated the nominated resident representative and expressed his best wishes for her upcoming assignment beginning in November, 2021.

Extending a warm welcome, the finance minister stated that Pakistan was firmly committed to pursuing an all-inclusive and sustainable economic growth with key focus on "bottom-up" approach to uplift marginalized segments of the society.

To this end, he said, the government intends to engage development partners to broaden economic development through fiscal consolidation and prudent economic measures amid COVID-19 pandemic and in post COVID-19 scenario.

He commended IMF for extending timely assistance during testing times.

The finance minister underlined the key initiatives of the government to provide maximum relief to the masses.

The government is taking a range of administrative, policy and relief measures to absorb the upward pressure on prices of basic food commodities due to pandemic, he added.

The government has adopted a multi-pronged strategy to enhance revenue collection and to broaden the existing tax base, he said.

He also highlighted commendable performance of Federal board of Revenue in surpassing revenue collection targets in recent months despite ongoing COVID-19.

The broadening of tax base was one of the key priorities of the government, he added.

The minister informed that implementation of track and trace for tobacco was being started from October 1, 2021.

This is also one of the requirements under the IMF Extended Fund Facility program.

He also stated that reforms were being carried out in the power sector to address the circular debt issue.

The finance minister affirmed full support and facilitation to Ms. Ruiz and wished her well with her new assignment in Pakistan.

The new IMF representative commended Pakistan's efforts in managing the spread of corona virus through a series of smart and targeted lock-downs to strike a balance between lives and livelihoods.

She expressed the hope to work closely with the Government of Pakistan during her tenure.