Reports of economic emergency are baseless, Dar

Islamabad: The Ministry of Finance has dismissed the reports of economic emergency in the country as baseless and asked the people not to listen to rumours.

In the statement issued by the Ministry of Finance, while strongly denying the circulating news regarding the imposition of economic emergency, it has urged the people to play their role for economic improvement and stability and not to pay attention to the rumors that Pakistan It is against the national interest.

In a statement issued by the Ministry of Finance, it is said that a false message has been circulating on social media in recent days regarding the alleged economic emergency proposals. denies and that there is no plan to impose an economic emergency.

The statement said, “Unfortunately, this message is aimed at creating uncertainty about the economic situation in the country and it can only be spread by those who do not want to see Pakistan developed and prosperous, in this era of economic difficulties.” Creating and spreading such false messages is against the national interest.

Finance Minister Ishaq Dar said that a mere reading of the nine points mentioned in the message indicates how useful these suggestions are. Considering the inherent strength and diversity of Pakistan’s economy, comparing Pakistan with Sri Lanka is also quite inappropriate. This is the result of exogenous factors such as rate hikes and destruction from unprecedented floods.

He said the government is making strenuous efforts to mitigate the impact of such external factors, even as it faces the economic consequences of unprecedented floods and has to meet IMF conditions. The government is determined to complete the IMF program by meeting all external debt payments on time. In this difficult economic situation, the government has taken several austerity measures with the approval of the federal cabinet.

The statement said that such measures are in the public knowledge and are aimed at eliminating unnecessary expenditure. Similarly, the government is considering energy conservation, the main objective of which is to reduce the import bill. Such discussions will continue in the cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest. With the efforts of the current government, the IMF program is back on track and negotiations for the ninth review are now at an advanced stage.

According to the finance ministry, the government’s recent efforts have resulted in, among others, a lower current account deficit in recent months and achievement of the FBR’s revenue targets, and there is also a possibility of a reduction in pressure on external accounts in the near future. While mid-term structural adjustments are still needed, the country’s economic situation is now moving towards stability. That is against the national interest of Pakistan.