People have erroneous notion about IMF: Maria Teresa
The IMF's representative said that Pakistan is passing through a challenging situation
ISLAMABAD (Dunya News) – Resident Representative International Monitory Fund (IMF) Maria Teresa Daban Sanchez on Friday said that the regulator was not making any profit after giving loans to Pakistan.
Addressing a seminar in Islamabad on Friday, she said that people have erroneous notion about the IMF, adding that the regulator was not making any profit after giving loans to Pakistan.
The representative said that the IMF helps member countries which are facing financial problems, adding that Islamabad has entered 18 programs of IMF.
“Pakistan’s foremost problem or issue is debt payments, Maria said and added the country spends almost 25 percent from its total revenue on the payment of debt. She said Pakistan also faces problem of Balance of Payment (BoP).
“It is positive that Pakistan’s current account deficit has been reduced,” she added.
Maria went on to say that Pakistan is passing through a challenging situation as its circular debt and financial deficit is increasing.
Teresa went on to say that Pakistan’s revenue collection has been less than many other countries, adding that the country’s debt should be 60 percent of its total GDP.
