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‘IMF plan to dampen economy’
World Bank report reveals unemployment, poverty have increased due to pandemic
An AFP file image of IMF logo
ISLAMABAD:
Economic activity in Pakistan will remain dampened in the short term due to the revival of International Monetary Fund (IMF) loan programme while unemployment and poverty have already gone up - with over 30% of rural population slipping into poverty, reveals a new World Bank report.
The World Bank’s views about adverse impacts of the IMF programme are also shared by some Pakistani cabinet ministers, who in private told The Express Tribune that the IMF programme could not go till the end unless the harsh, already accepted conditions for electricity prices and taxes were softened.
Govt committed to structural reforms
Officials tell World Bank VP about steps being taken to streamline power sector
Federal Finance Minister Hammad Azhar addressing a presser at the Press Information Department (PID) in Islamabad on March 31, 2021. SCREENGRAB
ISLAMABAD:
The government is fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of society, said Finance Minister Hammad Azhar.
The minister’s comments came during a virtual meeting with World Bank Group South Asia Region Vice President Hartwig Schafer on Tuesday.
The finance minister appreciated the pivotal role being played by the World Bank in strengthening governance and service delivery through institutional reforms in Pakistan over the years.
• Economic Coordination Committee summary was signed by Imran
• No normalisation of ties until Delhi reviews Kashmir policy, says FM
• PML-N leader says cabinet has shown ‘no trust’ in PM
ISLAMABAD: A day after the Economic Coordination Committee (ECC) allowed import of sugar, cotton and cotton yarn from India, the federal cabinet on Thursday deferred the decision citing reservations expressed by foreign and interior ministries that there should be no trade with India until it restored the semi-autonomous status of occupied Kashmir.
Interestingly, the summary approved by the ECC regarding trade with India on Wednesday was duly signed by Prime Minister Imran Khan.