The finance minister and his team are off to Washington to preside over the end of the current IMF programme.
ISLAMABAD: The finance minister and his team are off to Washington to preside over the end of the current IMF programme. Of the nine programmes that Pakistan got into with the Fund, eight have been unsuccessful. The government’s inability to implement three major economic policy commitments — limiting fiscal deficit to 4.7 per cent of GDP, introducing integrated value added tax (VAT) and power sector reforms — will lead to technical completion of an unsuccessful $11.3 billion programme with the International Monetary Fund (IMF) on September 30, according to Finance Minister Dr Abdul Hafeez Shaikh. This is the eighth programme with the IMF to conclude on an unsuccessful note. On the eve of the departure of Pakistan’s economic team for Washington to attend annual meetings of the IMF and World Bank, the finance minister told journalists that Pakistan would not waste its energy on revival of the incomplete programme or seek a fresh programme owing to a comfortable external balance of payme...