Pakistan need not to approach IMF: Minister for Finance
KARACHI, (MILLAT ONLINE):Pakistan presently holds no intention to
approach International Monetary Fund (IMF) and is exercising all its
capacities to stabilize the foreign exchange reserves, said State
Minister for Finance, Rana Muhammad Afzal here on Thursday.
Addressing a press conference, he said the country currently
holds a foreign reserves of US dollar 19.7 billion and is also able
to control its trade deficit.
“Since stability is rampant there is no need for any disconcert,”
said the state minister in most categorical terms emphasizing that the
financial managers of the country are not contemplating to contact IMF
in foreseeable future.
“We, however, can always keep our doors open to all possible
options,” he said.
Rana Muhammad Afzal re-emphasized that the projects and programmes
envisaged by PML-N government are producing desired results and the
top most is meeting the challenge of stable foreign exchange reserves.
“Our exports during the first five months of the current fiscal
year have grown by 17.5%,” he claimed.
The State Minister also reiterated that foreign exchange reserves
that stood by US $ 7 billion to US $ 8 billion in 2013 have now reached
to $19.7 billion.
“Its is our earnest desire that the next government of the
country may inherit a strong reserve equivalent to a minimum three
months import bill,” he said.
Rana Muhammad Afzal said the effort is definitely possible as
the trade deficit that was 79% in July 2017 was contained to 39% and
further controlled by 11% in November last year.
He expressed his confidence that this may further decline to
negligible levels in the coming months of current financial year.
The State Minister for Finance said Pakistan has also not
defaulted in repayments of its loans and this has markedly raised
its credibility among the international community.
To a query, he said no sane individual can deny relevance of
transparency and accountability, however, these must not be used as
tool to hinder the process of national development and prosperity.
“Our achievements are being internationally acknowledged,” he
said.
With regard to recent USA based statements, he said these have
been taken seriously and are being reviewed at the right forum for a
befitting response.
“Pressure is being deliberately raised upon Pakistan although the
world in general must understand that Pakistan has rendered maximum
sacrifices in the ongoing global war against terrorism,” he said.
The state minister said Pakistan does not stand isolated as China
along with European community have largely stood by it and do
appreciate Pakistan’s contribution in countering terrorism related
challenges.
In reply to a question, he said recent hike in the cost of petrol
and petroleum products was linked to international market adding that
this has significantly surged due to demand of fuel in many parts of
world experiencing unpredented cold.