Tight control over expenditures, plugging of loopholes and better utilisation of resources would be his topmost priorities, says adviser. DESIGN: KIRAN SHAHID
Amid apprehensions that the country may face a balance of payments crisis in the next few months due to declining foreign currency reserves, newly appointed Adviser to the Prime Minister on Finance Dr Shahid Amjad Chaudhry has expressed the firm belief that the economic situation is still manageable.
According to a press note issued by the Prime Minister’s office, Chaudhry, in a meeting with Caretaker Prime Minister Justice (retd) Mir Hazar Khan Khoso, said in his opinion “the economic situation is manageable”.
The meeting, held at the Prime Minister House on Tuesday morning, came just a few hours before the departure of the finance adviser, at the head of an economic team, to the United States to meet with the International Monetary Fund and the Obama administration.
However, the press note did not elaborate how the adviser would be able to address the challenges of declining foreign currency reserves, yawning budget deficit in the wake of high power subsidies, falling revenues and weak economic growth.
The press note did briefly spell out the adviser’s priorities. He told the premier that one of his first tasks would be to ensure fiscal stability through efficiency and better administrative measures.
The prime minister expressed confidence in the abilities of the adviser, believing that he would prove a helping hand and would stabilise the economy during his remaining 25 days in office. All people appointed by the caretaker government will leave after general elections on May 11.
According to the PM House, the adviser also discussed his upcoming visit to the US where he would hold meetings with officials of the IMF, the World Bank and other financial institutions. Owing to the faltering economy, Pakistan is expected to seek to negotiate a fresh bailout programme with the IMF.
Chaudhry assured Khoso that he would come up with new and imaginative ideas to cope with power outages without putting any additional burden on the common man. Tight control over expenditures, plugging of loopholes and better utilisation of resources would be his topmost priorities.
The prime minister expressed the hope that whatever limited time the caretaker government had, it would give priority to the social sector, particularly education, in order to improve the standard of living of the people of Pakistan.
Published in The Express Tribune, April 17th, 2013.
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"All people appointed by the caretaker government will leave after general elections on May 11."
So who wil be in charge until such time as the new government is formed? It can take a week to 10 days before it becomes clear which party or coaliation parties will form the government.