IMF program to open several avenues of progress in Pakistan: Mission chief
Ernesto Ramirez-Rigo said the US dollar exchange rate in the country was nearer to the reality.
WASHINGTON (Dunya News) - International Monetary Fund (IMF) mission chief for Pakistan Ernesto Ramirez-Rigo said it is clear that the loan program will bring economic stability in Pakistan.
Ernesto Ramirez-Rigo while addressing presser specially answered to Dunya News through fiber link. He said Pakistan would receive $1-billion installment in a few hours.
To a question what benefits this program would bring for Pakistan, mission chief said the bailout package for Pakistan was aimed at stability of the nation s economy and institutions. He said Pakistan has paid attention to economic reforms and economic growth only possible if tax revenue is increased, he added.
Ernesto Ramirez-Rigo said the US dollar exchange rate in the country was nearer to the reality. He said increase in tax net would reduce the deficit, adding that State Bank’s autonomy essential for transparency in economic results.
He said reducing the tax exemptions and increasing the tax revenues by 1.7 % for economic growth is need of the hour. He said decision about Euro and Sakook bonds lies in the hands of Pakistani government. He said government should decide whether it wants to run the national institutions in loss or profit.
To a question of Dunya News if IMF has given a plan to increase tax net, he said federal government gives 57% of tax revenues to provinces, adding that centre and provinces must make collective efforts to achieve the target of Rs 5500 billion tax.
