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Finance Minister: IMF Program Alone Won’t Solve Economic Woes
Finance Minister Muhammad Aurangzeb emphasizes the need to achieve IMF program goals, implement reforms, and address economic weaknesses to ensure sustainable growth.
ND
by News Desk
2024-12-02
Finance Minister: IMF Program Alone Won’t Solve Economic Woes

Finance Minister Senator Muhammad Aurangzeb stressed the importance of achieving the goals set under the International Monetary Fund (IMF) program, stating that joining the program alone cannot resolve Pakistan's economic challenges.

Speaking at a meeting of the National Assembly Standing Committee on Finance, chaired by MNA Syed Naveed Qamar, the Finance Minister highlighted the pressing need for economic and energy reforms.

Key Highlights

  • Inflation Trends: Aurangzeb noted that inflation in the country has started to decline, and the government aims to pass on the benefits to the public. He called for reductions in domestic prices to reflect global trends.
  • Economic Coordination Committee (ECC): The ECC has been tasked with reviewing the prices of essential commodities like pulses and chicken to ensure affordability for citizens.
  • IMF Program Goals: The minister underscored that merely entering the IMF program is insufficient; Pakistan must achieve the program's privatization and rightsizing objectives.
  • Reforms and Challenges:
    • Implementation of economic and energy reforms is crucial.
    • Structural deficiencies and population growth are hindering economic strategies.
    • Addressing nutritional insecurity and improving education access for children are vital for sustainable development.

Climate Change Initiative

The minister also announced a 10-year program on climate change in collaboration with the World Bank, aiming to tackle the environmental challenges that exacerbate economic instability.

Minister's Warning

Aurangzeb cautioned against delays in addressing economic weaknesses, emphasizing that the failure of previous IMF programs to deliver sustainable results cannot be repeated.

Government's Commitment

The government is committed to ensuring economic recovery through targeted reforms and efficient management, with the ECC playing a pivotal role in stabilizing prices and addressing public grievances.
Tagged:

inflation

PakistanEconomy

EconomicReforms

IMFProgram
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