Revival of IMF programme a must to get other loans: Mandviwalla

ISLAMABAD: Chairman Senate’s Finance Committee Salim Mandviwalla said on Thursday revival of the International Monetary Fund (IMF) programme was essential for receiving loans from international financial institutions and maintaining some confidence of investors and lenders about Pakistan’s progress towards stabilisation of balance of payments.

“In this regard, a review of the budget is possible, especially the expenditure side, and an increase in the BISP [Benazir Income Support Programme] are good ideas. At the same time, taxing the well-off through showing progressivity in tax is also a good suggestion,” he said in a statement. Mandviwalla, who is also finance secretary of Pakistan Peoples Party (PPP) said: “We strongly recommend that the 9th review conditions, set with the IMF can be achieved to ensure release of funds with Pakistan’s reserves falling to nearly $3 billion. “We also believe Pakistan should be considering contours of a new programme soon,” he said. He said it was time when the well-off contribute a larger share to take Pakistan on a road to stabilisation. The senator said Pakistan’s economy had been severely damaged by floods, global commodity price hikes, and economy was currently facing the most challenging conditions in its history. “High inflation and slow growth is hurting vast majority of people,” he added adding that delay in reaching an agreement with the IMF was adding to the country’s difficulties.