EconomyPakistan

Ministries Directed to Achieve IMF Targets: Government Unveils Ambitious Economic Roadmap

Information Minister Attaullah Tarar announced on Sunday that the government of Pakistan, under the leadership of Prime Minister Shehbaz Sharif, has set forth an ambitious economic roadmap aimed at achieving targets outlined by the International Monetary Fund (IMF). The comprehensive plan spans five years and encompasses key sectors critical to Pakistan’s economic revival.

Here are the highlights of the government’s strategic approach:

Target-Oriented Tasks for Ministries

  • Prime Minister Shehbaz Sharif has meticulously outlined realistic, target-oriented tasks for each ministry. These tasks span short, medium, and long terms, emphasizing accountability and performance.
  • A 70-page document detailing these targets has been dispatched to all ministries, providing a clear roadmap for their actions.

Finance Ministry’s Mandate

  • The Ministry of Finance has been entrusted with critical responsibilities:
  • Inflation Control: The ministry will focus on reining in inflation, a pressing concern for the economy.
  • Loan Restructuring: Efforts will be directed toward restructuring loans to ensure financial stability.
  • FBR Digitization: The Federal Bureau of Revenue (FBR) will undergo digitization for efficiency and transparency.

Trade Deficit and Smuggling

  • The Ministry of Commerce has been assigned the following targets
  • Trade Deficit Reduction: Measures will be taken to address the trade deficit, promoting a healthier balance of imports and exports.
  • Curbing Smuggling: A crackdown on smuggling activities is essential to protect local industries.
  • National Industrial Policy: The ministry aims to secure approval for a national industrial policy by April 30.

Interior Ministry’s Role

  • The Ministry of Interior will lead efforts against illegal weapons, ensuring public safety and security.

Privatization of PIA

  • The Ministry of Privatization will oversee the privatization of Pakistan International Airlines (PIA). Successful negotiations have paved the way for this crucial step.
  • The government anticipates revenue generation from the privatization process.

IT Sector and Social Media Companies

  • The government aims to attract major social media companies, including X, Instagram, and Meta (Facebook), to establish offices in Pakistan. This move aligns with the country’s digital transformation goals.

Human Rights Report and Legal Framework

  • By September 2024, a comprehensive human rights report will be prepared, highlighting Pakistan’s commitment to safeguarding fundamental rights.
  • An e-portal will facilitate access to laws passed in the country, enhancing transparency and legal awareness.

Education and Trade Agreements

  • Ministries have been directed to address the issue of out-of-school children, ensuring inclusive education.
  • Trade agreements with friendly nations are also on the agenda, fostering economic cooperation.

Government Expenditure Reduction

A committee has been formed to reduce government expenditure. Cabinet members have voluntarily forgone salaries and privileges, demonstrating fiscal responsibility.

The government’s proactive approach aims to achieve IMF targets, foster economic growth, and enhance Pakistan’s position on the global stage. The roadmap reflects a commitment to transparency, accountability, and sustainable development

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