Ali Pervaiz Malik emphasizes ties with IMF for economic stability

Pakistan's Minister of State for Finance and Revenue, Ali Pervaiz Malik, has stressed the crucial role of maintaining strong ties with the International Monetary Fund (IMF) to safeguard the country's economic interests. Malik highlighted how these relations facilitate Pakistan's access to the capital market, essential for economic growth.

Addressing a confidence gap with the IMF, Malik acknowledged the repercussions of unfunded fuel subsidies provided by the previous government. He emphasized the necessity of adhering to the IMF's framework, which mandates either increasing revenues or reducing expenses to align with international financial standards.

In the upcoming 2024–25 budget, the government aims to achieve a tax target of $1300 billion. Malik assured collaboration with coalition partners to rectify any tax-related discrepancies in the budget. He noted a global shift towards self-sustainability, emphasizing Pakistan's need to rely more on internal resources than external funding.

To streamline government expenditure, a Ministerial Committee has been formed to explore cost-cutting measures. The Prime Minister's decision to close the PWD is part of these efforts to reduce costs. Malik highlighted the government's support for exporters as a significant step towards addressing sector-specific challenges and promoting economic growth.

The government's commitment to strengthening relations with the IMF, implementing fiscal discipline, and supporting key sectors reflects a proactive approach towards ensuring Pakistan's economic stability and growth. By prioritizing self-sustainability and prudent financial management, Pakistan aims to navigate global economic challenges effectively.