Govt says no chance of economic emergency

ISLAMABAD    –   The Ministry of Fi­nance on Tuesday re­jected the speculations on supposed econom­ic emergency proposals in the country. 

The Finance Division not only strongly rebuts the assertions made in the spread message but also categorically de­nies it saying there is no planning to impose economic emergency. “The message is unfor­tunately aimed at cre­ating uncertainty about the economic situation in the country and can only spread by those who do not want to see Pakistan prosper”.

Creation and spread of such false messages is against the national interests in these times of economic hardships. A mere reading of the nine points mentioned in the message indicates how far-fetched those suggestions are. It is also quite inappro­priate to equate Pakistan with Sri Lanka, given inher­ent strength and diversity in Pakistan’s economy. The present difficult econom­ic situation is mainly the re­sult of exogenous factors like commodity super-cycle, Rus­sia-Ukraine war, global reces­sion, trade headwinds, feder­al government’s increase in policy rates and devastation wreaked by unprecedented floods. The finance minis­try said that the government has been making utmost ef­forts to minimize the impact of such external factors, even when faced with the econom­ic consequences of unprece­dented floods and having to meet IMF conditionalities. The government remains committed to completing the IMF program while meeting all external debt repayments on time, it added. It said that in this challenging economic situation, the government has put in place a number of aus­terity measures with the ap­proval of the Federal Cabinet.

Article source: https://www.nation.com.pk/07-Dec-2022/govt-says-no-chance-of-economic-emergency