Govt's measures to help achieve economic turnaround in Pakistan: IMF

Govt's measures to help achieve economic turnaround in Pakistan: IMF

ISLAMABAD: The International Monetary Fund (IMF) mission currently visiting Paksitan, hoped that the measures being taken by the government would enable it to achieve economic turnaround in Pakistan.

The mission also appreciated the mega project of China Pakistan Economic Corridor (CPEC) for increasing energy production in its initial phase and said it would also aid in achieving sustained economic growth.

The IMF mission led by Harald Finger visited Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar here.

During the meeting, the planning minister said the mega project had now entered into its second phase with focus on industrialization, socio-economic initiatives and joint ventures especially in agriculture sector to increase productivity as well as improve irrigation network system.

He noted that CPEC in its first phase helped a great deal in boosting power generation.

Khusro Bakhtiar said the economic and social objectives of the government were to protect and provide relief to the marginalized segments of the society by prioritizing focus on human resource development, social security and job creation.

He apprised the mission that keeping in view the economic situation the Public Sector Development Programme (PSDP) had been rationalized and the throw forward liability of PSDP was brought down to a manageable level.

He noted that the PTI-led government had inherited fragile economy and it has taken a number of corrective measures to revive the national economy and put it on path to sustained growth.

The minister said emphasis was being laid on attracting investments in areas where it could lead to direct impact on exports or reducing the import bill.

He apprised that new ways of financing were also being explored. He added that projects that were run on imported fuel would not be encouraged and the government was also paying attention on improving electricity transmission system in the wake of increased power generation capacity.

The minister underlined that robust economic planning was being made to enhance tax to GDP ratio by increasing domestic revenue.

Secretary Planning Zafar Hasan, Project Director CPEC Hassan Daud Butt and senior officials of the ministry were also present in the meeting.