ISLAMABAD – Prime Minister’s Adviser on Finance, Dr. Miftah Ismail, Friday,said that that the government was reviewing the recommendations of theFinancial Action Task Force (FATF) regarding measures to tackle moneylaundering and terrorism financing.
The government is looking into what more could be done on this front and anaction plan in this regard will be ready by June.
Addressing a news conference here Miftah Ismail said that the concernsshown by the International Monetary Fund (IMF) regarding the country’seconomy were correct because the imports related to power plants hadincreased substantially.
The current account deficit is increasing continuously and warned that inthe coming years, the country’s debt will rise further. However thatwhosoever is in power will not face any difficulties to return the debt.
Talking about state-run companies such as the Pakistan Steel Mills and thePakistan International Airlines, the Finance Adviser said theseorganisations were running in huge losses. The steel mills could not payits gas bills. The number of employees there are ten times higher thaninternational practice.
He recalled that the federal government offered the Sindh government to buythe PSM for one rupee but the provincial government rejected the offer.Ismail also termed his recent statement about selling the PSM for free towhosoever settles PIA’s losses satire.
Miftah Ismail also claimed that the country’s economy was not facing anyadverse issues and would grow by six per cent in the current fiscal year.The country’s foreign exchange reserves stand at $12.20 billion whereasdebt and interest payments amount to $3 billion.
Ismail stressed that revenue collection was showing continuous growth andthat the country’s exports will grow sharply in the coming years. Heproposed to talk to China about a free trade agreement, saying thecountry’s strategy should be to protect the local industry.
The adviser also said that his boss was Prime Minister Shahid Khaqan Abbasiand former premier and party chief Nawaz Sharif and not the IMF and theprime minister would decide about a tax amnesty scheme in a week’s time.