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Tuesday, July 5, 2022
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IMF wants changes to budget

Lender’s representative says more measures need to be taken to keep program on track

International Monetary Fund (IMF) has raised its concerns over Pakistan’s budget for the fiscal year 2022-23, demanding that the government take additional measures.

In a statement Esther Perez, IMF’s representative to Pakistan, said that more measures needed to be taken so that the loan program could be kept on track with the key objectives of the IMF.

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Talking to media, she said that the recently presented budget must be aligned with the IMF’s program.

Ruiz further said that revenue and spending items expenses needed clarity for a comprehensive assessment.

She reiterated the provision of full support regarding implementation of IMF’s program.

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Pakistan’s budget of Rs9.5 trillion for current year was presented in the last week by the finance minister Miftah Ismail.

After the budget was presented, Finance Minister Miftah Ismail on Saturday said that the International Monetary Fund had expressed concerns about the country’s recently unveiled budget, but the government was confident it could make changes to satisfy the lender.

Finance Minister Miftah Ismail said Monday that if the government did not abolish the subsidies on petroleum products, the country would default by July.

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