Hafeez Shaikh says budget to be announced not earlier than May 24
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In his first interaction with the media since being appointed the prime minister's adviser on finance, Dr Abdul Hafeez Shaikh revealed that he had already spoken to finance ministry officials regarding the budget for the next fiscal year.
Speaking outside the finance ministry on Saturday, shortly before he left for a meeting with the prime minister, Shaikh said he had directed the ministry to start drafting a medium-term strategy paper for the economy.
"We will be able to furnish a medium-term strategy paper by the 30th," he said. Shaikh later stated that the budget can be presented no earlier than May 24.
Referring to discussions with the International Monetary Fund (IMF) for a bailout package, Shaikh assured that, "We will be taking our negotiations with the IMF forward."
"Both parties want progress on the matter, and they have a commitment to us. I will be contacting the IMF mission head today evening," he stated.
He held a telephonic discussion with IMF Director Jihad Azour and IMF's mission chief for Pakistan, Ernesto Ramirez Rigo, according to a statement released by the ministry of finance.
"They discussed the progress of negotiations for an IMF-supported program for Pakistan," the press released said, adding that "both sides expressed their commitment for moving the discussions forward. It was agreed that an IMF mission will visit Pakistan by the end of April."
Shaikh's appointment had been notified yesterday after the president accorded his assent to the prime minister's suggestion that Shaikh be appointed his adviser on finance, revenue and economic affairs. He will serve as the de facto finance minister after Asad Umar was asked to step down from the position. The decision had come amidst a major cabinet reshuffle by the PTI only eight months into its tenure.
Dr Abdul Hafeez Shaikh is an internationally renowned economist with more than 30 years of experience in economic policymaking, management and implementation.
He last served as the finance minister from 2010 to 2013 during the PPP government's rule.
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Comments (78) Closed
Apr 20, 2019 02:33pm
What budget Sir? The pocket is empty. Surviving on loans.
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Apr 20, 2019 02:41pm
Welcome to the uphill club and the nightmare clubhouse. For sure, tough challenges are ahead for you and your team. Nevertheless, as always, keep it up and hang on tough.
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Apr 20, 2019 02:41pm
Good seems progress will come soon.
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Apr 20, 2019 02:41pm
why?
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Apr 20, 2019 02:45pm
He is the same finance minister of PPP who was termed as the utter failure by Imran Khan. All economic indicators went downhill during his tenure. His performance remained below par and he was not able to complete the whole term. And interestingly Imran Khan has now chosen the same guy as the Finance Minister of PTI's government.
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Apr 20, 2019 02:47pm
IMF is known to be a killer of the third worlddjustment Programmes (SAP).
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Apr 20, 2019 03:07pm
Budget without IMF package?
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Apr 20, 2019 03:20pm
Great PPP prodge
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Apr 20, 2019 03:46pm
Hopefully by then the IMF loan is sorted out. But my question is whether the budget makes any sense after that as the whole thing will be micro-managed and controlled by IMF, what is the need to have a budget?
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Apr 20, 2019 03:55pm
New budget means new taxes for citizens.
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Apr 20, 2019 04:23pm
@Mohsin Malik, - how do you know that selection was not done upstairs? If that is not the case, then it is yet another U turn of IK.
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Apr 20, 2019 04:41pm
Hafeez Shaikh is an amazing man. His appointment was notified only a few hours ago. But he is ready on all fronts.
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Apr 20, 2019 04:47pm
After looting Pakistan fully Asad Umer and Imran Khan now keep Dr. Sheikh to save their face, shame on the ill mannered Imran Khan and his illiterate government
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Apr 20, 2019 04:50pm
Asad umar must be relieved he doesn't have to present the budget under the current circumstances. Defacto FM has tough task ahead.
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Apr 20, 2019 05:09pm
Good luck sir! Please don't bow down in front of IMF!
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Apr 20, 2019 05:14pm
If you see closely Imran is not in control of the situation.
Thats the truth and sad part as well
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Apr 20, 2019 05:26pm
Why this professor was not able to assist Mr. Asad, and work under a Minister, sorry, he is not suitable for this job.
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Apr 20, 2019 05:26pm
Why this criminal is selected for such coveted position!! Don't have millions of excellent Pakistan both inside and abroad? This is sickening to see mega looter as Finance minister. We must keep him under a strict check!
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Apr 20, 2019 05:43pm
So this has proved that PPP.rule the country very well and with best and efficient FM congratulations
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Apr 20, 2019 05:48pm
I’m confused. PPP and pmln were supposed to be corrupt and destroyed the economy in last 10 years. Now an ex ppp man is in charge of the economy. So what has changed.
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Apr 20, 2019 05:50pm
It appears that there was no strategy in black and white to tackle economic and financial situation of the country. So, what the PTI government did in the last nine months?
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Apr 20, 2019 06:02pm
Once a failure is always a failure. He has not done anything which people of Pakistan could recall for betterment of economy of Pakistan.
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Apr 20, 2019 06:09pm
"Dr Abdul Hafeez Shaikh is an internationally renowned economist with more than 30 years of experience in economic policymaking, management and implementation."
*Welcome you, Sir.
Ok,you qualify for the post but we will wait for results in favor of peolple.
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Apr 20, 2019 06:09pm
World best Finance minister join the cabinet all worries will over soon as he was in Zardari cabinet. Sindh economy wad booming when he was sindh finance minister. Old horses never win the race.
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Apr 20, 2019 06:09pm
Are we very short of capable people that we need to rely on same old people who have really messed up already?
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Apr 20, 2019 06:19pm
Mabrook Dr / After much gap in between you again earned back the pre fix you have been deprived of. Will you bring back smile on our faces is my only question? Incidentally will someone enlighten me as to why he is not Minister but Advisor? Iqbal Hadi Zaidi
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Apr 20, 2019 06:28pm
PM IK could not find any other candidate of Finance ministry, he had to take PPP nominee, the one whom he lambasted sometimes in the past. IK needs memory medicines.
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Apr 20, 2019 06:37pm
This decision shows Imran Khan is not making decisions rather he is following decisions made by someone else.
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Apr 20, 2019 06:42pm
@Mohsin Malik, yes the same incompetent finance minister of the former PPP government who IK termed as a failure is now his finance and economic advisor. Another uturn by this summersalting government. IK is used to swallowing his statements. Big talker
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Apr 20, 2019 07:02pm
What happned to 4 billion dollars granted by china & saudis?
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Apr 20, 2019 07:05pm
@Khan, I agree.
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Apr 20, 2019 07:08pm
For whom Dr abdul hafeez will work for PPP or PTI.
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Apr 20, 2019 07:11pm
I believe,unfortunately Asad Umer was never able to give confidence to our nation as professional. Economic domain requires different kind of personalities as its the back bone of any nation. Its great of Dr Abdul Hafeez Shaikh that he has promptly accepted this huge responsibilty as true Pakistani. Let us support him and give him fair time as IK and Asad Umer have given up on economic front. Failure is not an option,Dr Abdul Hafeez is a man of crises. InshAllah,he would be successful,we and Pakistan would move forward. IK must give space to Dr saheb and avoid his experimentation which has driven us to uncalled for crises.
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Apr 20, 2019 07:32pm
Looks no incentives for Government Servant. Inflation increasing every month and salary increase once a year.
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Apr 20, 2019 07:51pm
@abdullah, "Please don't bow down in front of IMF!"
Don't go for IMF program in the first place.
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Apr 20, 2019 07:58pm
Bailout package ???? You are running your country on loan and more loan will surely fall apart your economy
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Apr 20, 2019 08:03pm
Pak finance in mess due to unproductive priorities, expenditures.
In this businessmen, public expect relief on prices/taxes.
FM can either get bailout meeting IMF/ Chinese conditions or ruin Pak economy.
Only a magician can please all in the current situation.
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Apr 20, 2019 08:12pm
What, an ex ppp finance minister is the present finance minister
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Apr 20, 2019 08:13pm
@Ali Akbar, what the situation is today will not be tomorrow if you have a good leader. And we have one. Watch next 5 years.
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Apr 20, 2019 08:26pm
@ExMohajirinUK, it's a mid term budget and when IMF is sorted it out it will take some time to kick in. Because sums involved are small, IMF will have a few points to say but not control. IK deftly got the main funds from the brotherly countries.
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Apr 20, 2019 08:30pm
@Ali Akbar, even that needs careful planning to avoid default.
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Apr 20, 2019 08:31pm
He seems to be dual nationality holder. Is he eligible for such an important portpolio?
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Apr 20, 2019 08:33pm
What a joke. Pti criticises last 10 years for economic mess, yet hires a guy who was economic minister from last 10 years. I don't know to laugh or feel sad?
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Apr 20, 2019 08:38pm
Seems all this reshuffling of cabinet ministers is not decided by IK but most likely IK is following orders and instructions from someone above him.
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Apr 20, 2019 09:17pm
There is no magic wand with anybody that would fill the empty kitty with tons of gold.
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Apr 20, 2019 09:19pm
Pakistan should revised its system and completely hand over it to technocrats
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Apr 20, 2019 09:22pm
Better you delay it. Only taxes have to increase now.
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Apr 20, 2019 09:25pm
Atif Mian should be made Finance Minister if any improvement is to be done by this Govt.
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Apr 20, 2019 09:28pm
@Mohsin Malik, Always expect U-turns from PMIK.
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Apr 20, 2019 09:59pm
I sincerely believe there will be snap elections when hands are thrown up.
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Apr 20, 2019 10:40pm
@Mohsin Malik, No, there is some difference. In PPs time he was among the corrupts but during musharraf time he did well
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Apr 20, 2019 10:42pm
@Asif , He was chosen first by Gen, Musharraf.
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Apr 20, 2019 10:44pm
Now let us weight, i mean wait and see the next eight months.
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Apr 20, 2019 10:44pm
@A, Not short, acutely short!! Wake up
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Apr 20, 2019 11:00pm
@Jamil, Failure is never final !!!
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Apr 20, 2019 11:23pm
A former finance minister of PPP inducted in the current administration.
Didn’t the PTI partially blame the PPP for the economic mess? Why take their finance minister than?
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Apr 20, 2019 11:31pm
Pakistan is already bankrupt. With 9.2 as reserves out of which 5 billion is just deposit. Even chinese lent money so that their payments to be given to them is converted to debt
No IMf before September. So situation is too bleak
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Apr 20, 2019 11:44pm
@Dr. Salaria, Aamir Ahmad, Nobody forced him to take the job.
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Apr 21, 2019 12:42am
His record is in front of everyone; not sure why he was chosen! Seems like Musharraf is still an influence!
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Apr 21, 2019 01:11am
At this rate, we will see Mr. Dar will be FM next year.
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Apr 21, 2019 01:23am
@Imtiaz Ali Khan,
I don't recall Mr. Shaikh being involved in any corruption. He belongs to a decent family and is well qualified. In fact, it's brave of him to take up the challenge.
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Apr 21, 2019 02:08am
@Abid, because for certain areas (such as finance, health, defence and education) you do need specialists or technocrats. What does someone with a bachelors in arts (which is what most of the elected MNAs have done) know about running health or economy? This is the biggest drawback of the parliamentary system imo. Hence I prefer the presidential system where you can select the best people (not necessarily elected lawmakers) in your cabinet. Just like there is a (tough) CSS exam for bureaucrats, I honestly believe that there should be an entrance exam for people (aspiring to join politics) which tests them on subjects such as health, education, economy, agriculture, defence, governance, leadership, planning & development, law and international relations etc. Only those who pass the exam should be allowed to contest the election.
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Apr 21, 2019 03:58am
No one cares about the budget. And no one cares if the finance minister is Messrs. Asad Umer, Hafeez Sheikh or any one else. But everyone cares about real need of today: foreign and domestic investment in factories producing products. The government needs to give free land, and zero tax to anyone wanting to set up an industry that can employ people.
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Apr 21, 2019 04:01am
These people with sarcastic remarks must not forget that you have only one country to return to, Pakistan.
We know how you are being treated in UK, Australia, USA and even UAE countries. Since now you earn some foreign currencies strong in value than rupees you have forgotten from what country you have moved from.
Remember your roots and support your motherland.
Or just don’t be so critical. Thanks
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Apr 21, 2019 04:47am
PPP’s foreign minister , PPP’s Information Minster and PPP’s finance minister ! Does PTI has anything of their own ? Law and Justice Minister and Interior Minister from Musharaf cabinet !
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Apr 21, 2019 05:23am
"...and they (IMF) have a commitment to us." What commitment?
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Apr 21, 2019 05:48am
Is he not the same guy that PTI criticizes last 10 years for the economic mess, yet now hires a guy who was an economic minister from last 10 years.
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Apr 21, 2019 06:00am
Borrowing on what conditions. You need to go to schools, primary to high, and seek advice of our new generation. They are the ones who will return it.
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Apr 21, 2019 06:00am
@Abid, He will do better now. He learned that from his past experiences.
The more things change the more they remain the same...but this time it will be better.
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Apr 21, 2019 06:02am
Once a failure is not always a failure.....man does learn from failures.Experts do not belong to any
particular party..their expertise can be used by any party. Presently he is Adviser and performance
may bring back,FM's post quite soon.Please wish him success only.
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Apr 21, 2019 06:15am
Aren't you supposed to have money before you can make budget
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Apr 21, 2019 06:16am
I request Dr Hafeez and PM Imran to share the terms being agreed with IMF with the Pakistani Nation and whether our security or CPEC terms are going to be exposed to IMF or the US.
Najam Sethi in his TV program recently had indicated that the US wants to know the CPEC and details of security agreement with China before any IMF program is approved.
So the Pakistani nation needs a clarification .
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Apr 21, 2019 06:39am
Pakistan is falling apart.
So long it has lived on giveaways from USA and that has made Pakistanis lazy and worse government lazy. With USA gone from the scene, Pakistanis are having a really rough time standing on their feet. This is what happens when you lose your way. It seems more like the country is falling apart.
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Apr 21, 2019 07:33am
Great expectations from Dr Abdul Hafeez Shaikh. Good luck & best wishes.
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Apr 21, 2019 07:56am
Sir, the FM of any nation plays at most a marginal role in running of the finances of a country.
It’s the generalist bureaucracy in the ministry that holds all aces.
Unless you bring in more academicia and more think tanks you can not succeed.
Mull over it. Best wishes.
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Apr 21, 2019 09:21am
Not even the mini budget
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Apr 21, 2019 07:55pm
Why is he made advisor and not a minister?
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Apr 22, 2019 07:06am
We have high hopes from Shaikh sb. Sir stop all luxury imports. Widen your tax net by taxing rich people. You set a criteria who is rich who is not
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