Pakistan ‘trying to do its best’: Hafeez Sheikh

Finance minister in Washington to hold talks with IMF officials, White House.


April 16, 2011

WASHINGTON:


Pakistan’s government is cognisant of the many challenges facing the nation’s economy and are taking corrective measures, said Finance Minister Abdul Hafeez Sheikh who arrived in Washington on Friday to hold talks with the International Monetary Fund (IMF) and the World Bank.


Citing measures towards economic improvement, Sheikh said Pakistan has put in place an “austerity program to cut government expenditures.” He appeared keen to point out that the government was taking ownership of the country’s problems and not looking for an endless bailout from Washington.

“Our economic challenges are our own. We have to deal with them. And we are trying to do the best,” said the minister. “We are trying to mobilize domestic revenues. We are trying to open up our economy and deregulate it, assign a greater role to the private sector.”

The finance minister is leading a delegation to meet with IMF officials to discuss the status of the $11.3 billion suspended loan programme that Islamabad had asked for in the aftermath of a severe financial crisis in November 2008.

Pakistan has thus far received $8 billion of the loan. The disbursements of the rest have been suspended due to the government’s unwillingness to undertake politically unpopular reforms such as ending all subsidies and deregulating the energy sector.

The finance minister will also hold bilateral dialogue with the United States on advancing economic ties. He is scheduled to meet representatives from the US Treasury, the United States Agency for International Development and the White House.

Published in The Express Tribune, April 16th,  2011.

COMMENTS (8)

K | 12 years ago | Reply the major issue is the army spending, they are asking for 18% increase in their own budget, while their spending should be decreased, they enjoy the most benefits, perks, have the biggest housing societies, every retired person has got it made, and all because of a bogus war against terrorism and a war in kashmir, which they will ensure will never end. this money should be spent on education & health if we want to get anywhere in the future. its so crazy that almost 50% of our budget goes on our army, which is unbelievable and a waste of money and no one has the balls to stop and change this.
Billoo Bhaya | 12 years ago | Reply Best ain't good enough.
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