ISLAMABAD: All points have been settled with the International Monetary Fund (IMF) and an settlement will probably be signed this week, Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin mentioned Monday.
The advisor was addressing the launch ceremony of the Pakistan Single Window (PSW), an bold, wide-ranging and complete reform initiative undertaken within the public sector in recent times.
The de-facto finance minister was in Washington final month to steer the Pakistani delegation in talks with the IMF for the revival of the $6 billion Extended Fund Facility (EFF). The accord couldn’t be signed because of a disagreement over some circumstances set by the lending company.
However, Pakistani officers had mentioned that there’s no dispute and the settlement will probably be signed quickly.
Speaking on the event in Islamabad, Tarin mentioned that the federal government’s job is to offer amenities to the individuals, including that there will probably be no delay within the salaries of presidency staff.
“We are giving focused subsidies to manage inflation. It is a world drawback and costs within the worldwide market are out of my management,” he said.
Talking about the amendment to the State Bank of Pakistan (SBP) rules, the finance advisor said that the SBP law needs constitutional amendments and that we do not have a two-thirds majority for the constitutional amendment.
Referring to the recent cyberattack on the National Bank server, he said that the enemy is sitting in our neighbourhood.
The advisor was of the view that during the last two years, COVID-19 had badly affected the global supply chain and trade, whereas the cost of production and shipping had also gone up.
He said the world economy was recovering now and business activities will not only resume, but also grow at a much faster pace, so there is a dire need to take advantage of this opportune situation
“The worst seems to be over and as economies begin to recover globally, we expect business activity to resume and in fact grow at a much faster pace. Pakistan and Pakistani businesses have to be ready to take advantage of new opportunities,” he said.
Talking about the PSW, he said it would not only facilitate international trade but also help accelerate the digital transformation of the public sector agencies connected to international trade.
He said PSW was in line with the vision of the government to promote competitiveness, transparency and efficiency and lauded Pakistan Customs on leading this initiative.
He said that it was a priority of the government to facilitate businesses, including small and medium-sized ones, by providing a suitable enabling environment for growth and innovation and improving their competitiveness by reducing their cost and time for doing business.
He expected that the single window would provide a comparative advantage to Pakistani businesses and the trading community to enter new markets to enhance exports.
Besides this, he said it would also help counter financial crimes and trade-based money laundering through the integration of international shipping and databases and eventually enable seamless connection in the dissemination of information to Customs, State Bank of Pakistan and other relevant agencies.