A team of International Monetary Fund (IMF) is expected to soon visit Pakistan. The government is hopeful that this visit of the IMF would result in favor of the country.
In a recent press conference, the Federal Minister for Information (Shibli Faraz) and the Advisor to the PM on Finance (Dr. Abdul Hafeez Shaikh) shared this news.
According to Dr. Abdul Hafeez Shaikh food prices are coming back to their normalities. One key reason for this is the import of wheat to overcome the shortfall of 2-2.2 million tonnes.
Additionally, there has no increase in the debt for the past 4 months.
It stood at Rs. 36.4 trillion on June 30 2020 as well as October 30, 2020,
It demonstrates that the government was ensuring strict financial discipline.
The advisor also added that the government has reduced the current account deficit from $20 billion to $3 billion, and it has paid Rs. 5,000 billion as interest on public debt in the past 2 years.
Explaining further the reasons behind this growth, the advisor told that the expenditures of the PM, the President House, and ministries have been reduced and that of the defense sector, they have been frozen.
Dr. Abdul Hafeez Shaikh in his conference also highlighted several more initiatives taken by the government to improve the economy.
However, there are still some challenges underway that need to be addressed soon. One of them is related to ongoing corruption as exposed (almost) on a daily basis at the government level. One of the most recent is the raid at several government go-downs to retrieve wheat stocks.