Islamabad, In an effort to minimise operational expenses, cash-strapped Pakistan on Sunday announced to dismantle about 150, 000 state content, near six ministers, and merge two others, as part of reforms agreed upon with the IMF under USD 7 billion loan package. After Pakistan pledged to reduce expenditures, raise the tax-to-PIB amount, tax non-traditional sectors like agriculture and real estate, limit subsidies, and exchange some fiscal responsibilities to provinces, the International Monetary Fund suddenly gave a nod to the aid package and even released over USD 1 billion as the first tranche.
Minister for Finance Muhammad Aurangzeb told the media that a program had been finalized with the IMF, which would be Pakistan’s final program.
” We need to employ our procedures to prove that it will be the next programme”, he said, and emphasised that in order to meet the G20, the business must remain formalised.
The minister claimed that there was ongoing right-sizing within the departments and that the merger of two ministers would result in the closure of six ministries. ” Also, 150, 000 content across different departments will be eliminated”, Aurangzeb said.
He dwelt at length on increasing revenue income, noting that there were nearly 300, 000 new citizens last month, and so far this year, 732, 000 new citizens have registered, increasing the total number of citizens in the country from 1.6 million to 3.2 million.
Aurangzeb added that the category of non-filers will be eliminated, and those who do n’t pay taxes will no longer be able to purchase real estate or vehicles.
The minister claimed that the nation’s foreign exchange reserves were at their highest level and that the country’s economy was moving in the right direction. He cited significant increases in both national exports and IT exports, and emphasized that investor confidence in the state’s ability to support the economy is a significant success.
Aurangzeb expressed confidence that the exchange rate and policy rate will remain as expected and that the policy rate has been reduced by 4.5 percent by the government since taking office.
Our claim that the economy is improving is not fabricated because government policies have caused inflation to decline. Inflation has dropped to single digits”, he said.
Pakistan has been having trouble fixing its economy for the past few years, and it was on the verge of default in 2023, but a timely loan of USD 3 billion from the IMF saved the situation.
Pakistan has entered into a long-term loan agreement with the global lender in the hope and promise that it will be its last one. Many people, however, doubt this claim because the nation has already gotten about 20 loans from the Fund but has n’t addressed the economy on a permanent basis.
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Cash-strapped Pakistan cuts 150,000 jobs, dissolves 6 ministries as part of IMF deal
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