Finance ministrys performance unsatisfactory

Pakistan

Finance ministrys performance unsatisfactory

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The performance of Commerce Ministry was declared unsatisfactory regarding economic reforms.

01 August,2011 10:01 pm

Ex-minister for commerce Hafiz Pasha and other experts have expressed scepticism about the possible restoration of $4 billion IMF programme suspended for a year now.Ex-governor State Bank Shahid Kardar and Finance Minister Dr Hafiz Shaikh, through a letter, unanimously achieved relaxation of nine months for acquisition of $ 4 billion from the IMF.Shahid Kadar has resigned on being at odd with the policies of the Finance Ministry. In the given situation, there is no chance of restoration of IMF’s programme.Last year, the Finance Minister had pointed the target of 4% deficit but there is a dearth of Rs 40 billion in the recovery of taxes, while the budget deficit has reached 6%. Last year, 18% increase was recorded in the price of edibles.There is no capital for purchase of oil and renovation of Railways engines.The shortage of 5,000MW could not be overcome despite 60% raise in tariff. Finance Minister Abdul Hafiz Sheikh could neither run the programme of the IMF nor free the masses out of load shedding or inflation.This reflects on the progress and performance of the government’s economic team.