ISLAMABAD – Finance Minister Asad Umar on Wednesday has said that we willtake IMF money but not the IMF dictation.
Umer defended the recent hike in power and gas prices, devaluation of rupeeand increased taxation as a part of necessary measures to bring the countryout of economic crisis.
In an interview with BBC’s Stephen Sackur, the finance minister said, “Boththe monetary policy and the fiscal policy have been moving in the verydirection of the reforms that are needed. We don’t need IMF to dictate usfor us to do that, because we believe this is what’s necessary.”
“We have not waited for the IMF to come to us, and tell us what we need todo for our own economy or impose any sanctions on us. We have done thatwithout the IMF’s assistance,” he went on to add.
Speaking about the country’s economic situation, the finance ministeradded, “The real challenge, and the real issue here is, (something that wewill be judged on in the future), did we take the right decision in settingthe economy on a path to the last IMF programme that the country will everhave to take?”
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On the current course of action, he further stated, “A very clear directionhas been set. Pakistan now has a very clear strategy, [unlike before] whichwas consumption-led imported capital finance that has repeatedly put thecountry into these economic issues. Until we move Pakistan towards domesticresource mobilisation, productivity-led, export-oriented economy, we willnot be able to move out of this begging-bowl syndrome”.
Pakistan has sought another bailout from the IMF amid faltering economy andtalks between the two sides haven’t yielded any results as of now. Alongwith the Fund, the country has approached its allies, China and SaudiArabia, for financial bailout.
