LAHORE: Ms Esther Perez Ruiz, the IMF’s Resident Representative in Pakistan, emphasised that Pakistan should not rely solely on tax measures to improve its economy’s competitiveness.
She told the Lahore Chamber of Commerce and Industry’s office-bearers on Tuesday that the IMF program’s goal is to maintain macroeconomic stability, and that the country’s fiscal and monetary policies should support the latter’s vision in this respect.
She explained that the IMF program’s goal is to implement a set of measures that would help the economy thrive in a sustainable and inclusive manner.
She said that the latest finance bill’s elimination of sales tax exemptions for the industry was necessary to simplify the tax system because of the country’s low tax-to-GDP ratio.
Ms Ruiz stressed that “our goal is for Pakistan’s economic development to be long term and steady”. She noted that the first step is to deal with macroeconomic measures, which would lead to economic growth in the country.
As for the IMF’s plans, “we will stay open to hear Pakistan’s comments, thoughts and concerns,” Ms Ruiz added.
When asked about Pakistan’s current 22nd IMF programme, LCCI President Mian Nauman Kabir stated the chamber is extremely concerned about its impact, particularly on business. According to a statement he made: “We will also hopefully see this program’s successful conclusion just like the 21st programme.”
In his view, it was a great opportunity to learn more about the IMF’s policies and to hear about the successes of such programmes in other countries.
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