ISLAMABAD, Dec 6 (APP):The Finance Division on Tuesday strongly rebutted the false assertions made in a message circulated on social media, and categorically denied that there was no planning to impose economic emergency in the country.
“The message is unfortunately aimed at creating uncertainty about the economic situation in the country and can only spread by those who do not want to see Pakistan prosper,” a press release said.
It was asserted that creation and spread of such false messages was against national interest in these times of economic hardship. A mere reading of the nine points mentioned in the message indicated how far-fetched those suggestions were. “It is also quite inappropriate to equate Pakistan with Sri Lanka, given inherent strength and diversity in Pakistan’s economy. The present difficult economic situation is mainly the result of exogenous factors like commodity super-cycle, Russia-Ukraine war, global recession, trade headwinds, Fed’s increase in policy rates and devastation wreaked by unprecedented floods,” it was further added.
The finance division further urged the people to contribute towards the economic betterment and stability and not to pay heed to malicious rumours mongering which was against the national interests the country.
The government had 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 conditionalities.
The government remained committed to completing the International Monetary Fund program while meeting all external debt repayments on time, the Finance Division maintained in its press release.
In this challenging economic situation, the government put in place a number of austerity measures with the approval of the federal cabinet which were in public knowledge and were aimed at eliminating non-essential expenditures.
Similarly, the government had been deliberating energy conservation mainly aimed at reducing the import bill. Such deliberations would continue in the cabinet and all decisions would be taken in consultation with all stakeholders and in the best national interest.
With the efforts of the current government, it said, the IMF program had come back on track and negotiations leading to 9th Review were 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. While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability,” it added.
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