Finance Minister Miftah Ismail has said that the managing director (MD) of the International Monetary Fund (IMF) has expressed willingness to relax conditions.
Talking to a TV channel, Finance Minister Miftah Ismail said about the meeting with the prime minister and the IMF chief that the IMF has also expressed its willingness to increase the amount of the next instalment.
The finance minister said that the World Bank will give $2 billion by the end of this year, adding that the situation in Pakistan has changed after the floods. He said that if cotton and wheat crops are destroyed then we may have to import both things.
The finance minister has said that they could not reach to all flood affectees but the allegations of corruption were false. He further told that his job was to raise money for the flood victims and he also talked about aid from Bill Gates.
Pakistan’s Current Account Deficit (CAD) has narrowed down by 42 percent to $703 million on a month-on-month basis in August. However, the achieved decrease in this gap has been at the cost of the economy.
The industrial output and eventually closure of units has been started as an impact of the forced cut on the country’s imports. The CAD stood at $1.21 billion in July whereas it further dropped by 19 percent to $1.91 billion during July-August compared with $2.37 billion in the corresponding period of last fiscal year.
Mainly during the month of August, the notable surge in export earnings to $2.81 billion, exporters aggressively selling dollars after the rupee’s partial improvement along with a recovery of eight percent in workers’ remittances to $2.72 billion and the imports reducing due to a ban on them have mainly decreased the trade gap.