Newly-elected Finance Minister Shaukat Tareen on Monday criticized the International Monetary Fund (IMF) for forcing Pakistan to raise electricity tariffs, calling it “unfair”.
At a meeting of the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, Tarin spoke about the global money lender. The meeting was chaired by Faizullah Kamuka, chairman of the committee.
The minister said, “The IMF has done injustice to Pakistan. The demand for increase in electricity tariffs is unjustified.” Is.
The minister also issued a stern warning to lawmakers, saying that if the current government is not able to drive GDP growth to 5%, the country will be at God’s mercy for the next four years. Trying to explain the situation to the IMF.
“Rising tariffs are driving up inflation. “We have told the IMF that we will reduce the circular debt but the increase in tariffs is pointless,” the minister said.
Tareen told lawmakers that government revenues were rising, but said tough decisions were still needed to revive the economy.
He said that instead of introducing taxes, the tax net needs to be increased. Our country lacks short-term, medium-term and long-term policies. He cited the example of China, Turkey and India where sustainable economic policies exist.
The minister said he believed that policies needed to be improved in agriculture, industry, the housing sector and price control.
Tareen told lawmakers that the mortgage in the country was 0.25%, adding that if the housing sector was restored, 20 other industries would start operating.
“The government should privatize all the institutions that they are unable to run,” Tarn said. He added that very little money is spent on education and health.
What did Shaukat Tareen say about Pakistan’s economy before he became finance minister?
Criticism of the minister’s government policies is nothing new, as he criticized the policies of his predecessor before taking charge of the ministry.
Shaukat Tareen was sworn in as the county’s new finance minister on April 17, replacing Federal Minister Hamad Azhar, who had been in office for less than a month.
But, even before his appointment, what did Tarn think about the country’s economic policy?
Speaking on Geo News program “Aaj Shahzeb Khanzada Ke Saat”, he presented a charge sheet against the government’s economic policy.
“We don’t know where the economy is going […] At the time, the newly appointed finance minister said we had to set up our own house.
He said the captain of the ship would have to stand firm or the ship would not move forward.
“We need to change the NAB (National Accountability Bureau) rules to bring in people from the private sector,” Tareen added.
Speaking on another TV show, he said that achieving Pakistan’s current economic goals was a difficult task, but not impossible.
“The Pakistani nation is not afraid of difficulties,” he said.
Tareen had said that if the Federal Board of Revenue (FBR) did not increase its revenue by 15 per cent, then the country would run out of money to spend.
“The FBR will have to bring in 20% revenue in 5-7 years […] Otherwise, the country will not be able to achieve an economic growth rate of 7-8%.
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