MoIB Discredits The Financial Emergency Memorandum Circulating:
MoIB Discredits The Financial Emergency Memorandum Circulating
The Ministry of Information and Broadcasting via its Twitter handle rejects as Fake the copy of a supposed ‘memorandum undertaking measures in view of financial emergency in a country issued from cabinet division”. The tweet said “disseminating fake news is not only unethical and illegal but it is also a disservice to the nation. It is the responsibility of everyone to reject irresponsible behavior. Reject Fake News.
Earlier in a separate move, the Ministry of Finance on December 06 had also issued a rebuttal to such messages and letters circulating. The Ministry of Finance strongly rebutted the memorandum circulating on social media regarding the imposition of an economic emergency. The ministry termed the letter circulating as fake.
The statement issued said that the “Finance Division not only strongly rebuts the assertions made in the said message but also categorically denies it and that there is no planning to impose economic emergency. The message is unfortunately aimed at creating uncertainty about the economic situation in the country and can only spread by those who do not want to see Pakistan prosper.
It was further stated that creation and spread of such false messages is against national interest in these times of economic hardship. A mere reading of the nine points mentioned in the message indicates how far-fetched those suggestions are. It is also quite inappropriate to equate Pakistan with Sri Lanka, given inherent strength and diversity in Pakistan’s economy.
The present difficult economic situation is mainly the result of exogenous factors like commodity super-cycle, Russia-Ukraine war, global recession, trade headwinds, Fed’s increase in policy rates and devastation wreaked by unprecedented floods.
The Government has been making utmost efforts to minimize the impact of such external factors, even when faced with the economic consequences of unprecedented floods and having to meet IMF conditionalities. The Government remains committed to completing the IMF program while meeting all external debt repayments on time.
In this challenging economic situation, the Government has put in place a number of austerity measures with the approval of the Federal Cabinet. Such measures are in public knowledge and are aimed at eliminating non-essential expenditures. Similarly, the Government has been deliberating energy conservation mainly aimed at reducing the import bill. Such deliberations will continue in the Cabinet and all decisions will be taken in consultation will all stakeholders and in the best national interest.
With the efforts of the current government, the IMF program has come back on track and negotiations leading to 9th Review are now at an advanced stage. The government’s recent efforts have resulted, amongst others, in lower current account deficits in recent months and the achievement of FBR revenue targets. Easing up of pressure on the external accounts is also foreseen in the near future. While there remains the need to make structural adjustments in the mid-term, the economic situation of the country is now moving towards stability.
Finance Division urges the people of Pakistan to contribute towards economic betterment and stability and not to pay heed to malicious rumors mongering which is against the national interest of Pakistan.”
