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No understanding with IMF on devaluation of rupee: Dar

No understanding with IMF on devaluation of rupee: Dar

ISLAMABAD: Finance Minister Ishaq Dar has categorically stated that there is neither any explicit nor implicit understanding with the IMF on the devaluation of rupee.

Speaking at the launch of the Sixth Annual Report of the Institute of Public Policy, Beacon House National University on Monday, the Finance Minister said that the issue of adjustment of rupee dollar parity was not even discussed. He urged the economic experts to refrain from issuing such speculative statements.

He said that Pakistan had to enter into the programme with IMF at a time when it was going through one of the most difficult economic phases in its history. He said that they had to approach IMF to beef up the dwindling Foreign Exchange Reserves as well as fulfill national obligations.

The Finance Minister said that he was grateful to the IMF for understanding Pakistan’s difficult economic situation and avoiding making unreasonable demands.

He reiterated that the commitments made by the government with the IMF would be met as they are in the interest of Pakistan and its economic future. He pointed out that Standard & Poor’s and Moody’s have given a positive outlook on Pakistan after a long time and the Overseas International Chambers of Commerce, which conducts regular surveys on business confidence, has raised its index for Pakistan from a negative of 34 to a positive of 2.

Mr Ishaq Dar said the World Bank and Asian Development Bank have agreed to recommence their support to Pakistan after a lapse of three years.

He said the outcomes of the reforms have been encouraging and during the month of July and August, FBR collected taxes to the tune of Rs 280 billion, which is 20 percent higher than the amount collected over the same period last year.