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No economic emergency being imposed in Pakistan: Finance Division

No economic emergency being imposed in Pakistan: Finance Division

No economic emergency being imposed in Pakistan: Finance Division

The government has no plan to impose an economic emergency.

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  • Finance Division issued a rebuttal on fake message of economy emergency proposals
  • It said there is no plan to impose an economic emergency in the country
  • It urges people to not pay heed to malicious rumour mongering
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ISLAMABAD: The Ministry of Finance has rebutted a false message on supposed economic emergency proposals circulating on social media in recent days.

In a statement, the Finance Division said it not only strongly rebuts the assertions made in the message and but also categorically denies it, adding that there is no plan to impose an economic emergency in the country.

It said the 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. It said creating and spreading such false messages is against national interests in times of economic hardship.

The Finance Division said a mere reading of the nine points mentioned in the message indicates how far-fetched those suggestions are. It added that it is also quite inappropriate to equate Pakistan with Sri Lanka given the inherent strength and diversity in the Pakistani economy.

It maintained that the present difficult economic situation is mainly the result of exogenous factors like commodity super-cycle, the Russia-Ukraine war, global recession, trade headwinds, increase in policy rates and devastation wreaked by unprecedented floods.

It said the government has been making utmost efforts to minimize the impact of such external factors, even when faced with the economic consequences of unprecedented floods and having to meet IMF conditions

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It added that the government remains committed to completing the IMF program while meeting all external debt repayments on time.

In this challenging economic situation, the government has put in place a number of austerity measures with the approval of the federal cabinet aimed at eliminating non-essential expenditures.

It said the government has been deliberating energy conservation mainly aimed at reducing the import bill. Such deliberations will continue in the cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest, it added.

With the efforts of the current government, the IMF program has come back on track and negotiations leading to the 9th Review are now at an advanced stage.

The government’s recent efforts have resulted, amongst others, in lower current account deficits in recent months and achievement of FBR revenue targets.  Easing up of pressure on external account is also foreseen in the near future, it added.

While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability.

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Finance Division urges the people of Pakistan to contribute towards economic betterment and stability and not to pay heed to malicious rumour mongering which is against the national interests of Pakistan.

 

 

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