No ‘Economic Emergency” being imposed in Pakistan: Finance division

No ‘Economic Emergency” being imposed in Pakistan : Finance division

Finance division denied all the rumours of “economic emergency” being imposed in Pakistan and said that such news are spread by the elements who don’t want Pakistan to prosper.

Finance division not only strongly rebuts the assertion made in the message, but also categorically claimed that there is no plan of imposing economic emergency.

The statement mentioned that the economic emergency message is “unfortunately aimed at creating uncertainty” about the economic situation in the country and can only be spread by those “who do not want to see Pakistan prosper”.

Finance division strongly rebuts the assertions made in the said message, but also categorically denies it. The division said that the creation and spreading of such false messages were against the national interest. It noted that it was quite “inappropriate” to equate Pakistan with Sri Lanka, given the inherent strength and diversity in the country’s economy. The government’s efforts have resulted in lower current account deficits and achievement of tax targets, While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability.

The division defended itself by claiming that the economic crisis is mainly due to exogenous factors such as global recession, Russia-Ukraine war, trade headwinds, the Fed’s increase in policy rates and devastation wreaked by unprecedented floods.

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The downward trend has been witnessed in the import bill since the beginning of the current fiscal year as imports fell by 10.4% in July, 7.7% in August, 19.7% in September, 27.2% in October, and 33.6% in November over their respective corresponding months of 2021.

Such discussions will continue in the cabinet, and all decisions will be made in consultation with all stakeholders and in the best interests of the country, according to the statement.

The current government’s efforts have brought the IMF programme back on track, and negotiations for the ninth review are now well underway, according to the report.

Recent government efforts have resulted in lower current account deficits and the achievement of Federal Bureau of Revenue (FBR) tax targets, among other things.

Despite import compression and zero rating on petroleum products, the FBR exceeded both the five-month target of Rs2,680 billion and the monthly target of Rs537 billion as of December 1.

“Reducing pressure on the external account is also anticipated in the near future.” While structural adjustments are still required in the medium term, the country’s economic situation is now improving.”

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The division urges people to contribute to economic development and stability rather than listen to “malicious rumor-mongering,” which is detrimental to Pakistan’s national interests.

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