Pakistan needs immediate $5 Billion inflow to sustain
Pakistan Thursday, October 30th, 2008Advisor to Prime Minister on Finance, Shaukat Tareen Wednesday said, the country immediately needs an inflow worth US$ 5 billion to sustain at its present position.
“We need this amount within next 15 to 20 days and if Friends of Pakistan or other IFIs do not ensure us this amount, we shall have to go to IMF, but on our own terms which we have already worked out,” Tareen informed Senate during briefing on economic situation of the country.
“If our plan will be acceptable to IMF, we shall discuss with them to avail the facility,” he said and negated the notion that our economy would suffer after availing the IMF facility. Tareen urged immediate measures for economic stability and said, “We need to stand on our feet.
We cannot afford to default. Wherever we can go and whatever we can get, we have to fulfill our financial obligations.” He said institutionally, there is no planning in the country and whatever planning we had, it was done in a vacuum ‘without foundations.’ “We need executioner framework on national level.”
He pointed out, no emphasis was laid on production and improving agriculture on which Pakistan’s economy is based and 66% people are affiliated to this sector with majority living in rural areas. “This resulted in increased imports putting extra burden on reserves. Inflow of foreign currency dropped and due to lack of control on high energy and food bills, the economy continued to suffer,” he said.
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on Oct 30 2008. Filed under