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Economy

Pakistan will need more loans

Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Sheikh says raising funds for the poor and managing development expenses is a major challenge for Pakistan and may force them to borrow more.

Sheikh was talking to ministers and governors nominated by the International Monetary Fund (IMF) for the Middle East, North Africa, Afghanistan, and Pakistan via video link.

He said the coronavirus pandemic has overshadowed a significant part of the government’s achievements. He said that under the present circumstances, increasing taxes is not possible.

He added that more loans will be required to support the underprivileged segment of society. The government is facing a stiff challenge in managing funds for the poor and prioritizing development spending.

Sheikh said that despite the difficulties, the government is committed to meeting the challenge of providing employment.

IMF officials said that in the event of a second coronavirus wave, there is a risk of large-scale losses. If precautions are not taken, the improvements made after the first wave will be lost.

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