IMF program to provide macro-economic development: Hafeez Sheikh

ISLAMABAD: Advisor on Finance Hafeez Sheikh said negotiations with International Monetary Fund (IMF) were moving ahead positively in a way to reach a program that would provide a platform for macro-economic development in the country. 

Addressing an Investment Conference in the federal capital on Friday, he said agreement with the IMF will send an efficacious message to other international financial bodies as well as countries regarding Pakistan’s commitment to fiscal discipline.

Sheikh said the upcoming budget will include steps to bridge gaps in current account deficit and fiscal deficit for attaining sustainable economic growth.

Talking about the policies of the incumbent government, he said their measures have resulted in reduction in imports and increase in exports and remittances.

Further steps have also been adopted to decrease expenditures, he added, assuring that coordinated efforts are underway to grow the revenue.

A day earlier, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh and the IMF mission held an important meeting in Islamabad to review the proposed bailout package.

In a brief interaction  with media following the conclusion of talks, Dr Hafeez Shaikh said, “Initial negotiations have taken place with IMF team. The mission was apprised regarding the agenda of economic reforms.”

He further said that talks with IMF team would continue for few more days and hopped that negotiation on a bailout package with IMF would turn out to be successful.