ISLAMABAD: Pakistan’s finance chief said on Friday the International Monetary Fund (IMF) bailout package was not likely to impede the country’s economic growth while addressing a gathering in Karachi.
The IMF provided a $6 billion lifeline to Pakistan in 2019 to ease the country’s economic challenges caused by a massive current account deficit.
However, the loan was offered under strict economic conditions that required the government to end subsidies, generate greater tax revenue and implement painful structural reforms.
Experts warned the IMF program would undermine Prime Miniter Imran Khan’s promise to build a future welfare state where underprivileged segments were going to find a more comfortable economic life.
“I do not think the IMF program is going to impede our 5 percent growth rate,” The Express Tribune quoted Tarin as saying. “If we remain within the range of 5, 5.25 and 5.5 percent, we will be fine.”
He said the government had already surpassed its revenue collection target by Rs230 billion until the current stage of the fiscal year, adding it was likely to cross the Rs6 trillion mark by the end of it.
The country’s finance chief also maintained a comprehensive economic plan and political will were imperative for Pakistan’s progress, reported the APP news agency.
He said the country was not too far away from the IMF’s recommended reforms, as the international financial institution continues to scrutinize the economic performance of the country.
Pakistan’s finance chief says IMF program won’t hurt economic growth
https://arab.news/mphpj
Pakistan’s finance chief says IMF program won’t hurt economic growth
- Shaukat Tarin maintains the country is likely to surpass the Rs6 trillion mark in revenue collection
- The finance chief informs the country is not too far away from the IMF’s recommended reforms
Pakistan approves first national gemstones policy, targets $1 billion exports
- Government seeks to overhaul certification, mining, processing to curb smuggling and boost value-added exports
- Move follows broader push to tap Pakistan’s vast mineral wealth and attract much-needed foreign investment
ISLAMABAD: Pakistan has granted in-principle approval to its first national policy framework for gemstones and precious stones, aiming to reform the sector, align it with international standards and lift annual exports to $1 billion within five years, the prime minister’s office said on Friday.
The decision was taken during a meeting chaired by Prime Minister Shehbaz Sharif, which reviewed reforms for the largely underdeveloped gemstones sector despite Pakistan holding significant reserves of emeralds, rubies, sapphires, peridot and topaz.
The move comes as Pakistan intensifies efforts to monetize its untapped mineral resources amid fiscal pressures and an IMF-backed reform program. Over the past two years, Islamabad has hosted international minerals conferences and signed cooperation agreements with countries including the United States, Saudi Arabia and China to improve governance, attract foreign investment and move up the value chain in mining and minerals processing.
Despite officials estimating Pakistan’s gemstone reserves at around $450 billion, formal exports remain negligible, at about $5.8 million annually, due to weak certification systems, limited domestic processing capacity, widespread smuggling and fragmented regulation across federal and provincial authorities.
“Sharif has granted in-principle approval to a national policy framework to reform Pakistan’s gemstones and precious stones sector and align it with international standards,” the PM’s office said in a statement.
“The Ministry of Industries and Commerce, after identifying challenges during the preparation of the national policy framework, has developed a comprehensive set of priority policy measures which aim to achieve $1 billion in gemstone-related exports within five years through sectoral reforms.”
According to the statement, the policy framework includes geological mapping to accurately assess reserves, the establishment of internationally accredited laboratories and certification regimes and the creation of a dedicated authority to regulate and promote the sector. The government also plans to set up a National Warranty Office and at least two centers of excellence this year to support training, research and value-added processing.
The policy prioritizes private sector participation, particularly encouraging young entrepreneurs, and seeks to shift Pakistan away from exporting raw stones toward domestic cutting, polishing and branding. The statement said this approach could significantly increase export earnings while generating skilled jobs.
The prime minister also directed the ministry of finance to ensure timely allocation of financial resources required to implement the reforms and stressed the need to involve provincial governments, industry stakeholders and international experts to address structural bottlenecks.
“Pakistani precious stones are renowned globally for their quality, and curbing smuggling while ensuring exports through legal channels will secure billions of dollars in foreign exchange,” the prime minister said, according to the statement.
