LAHORE: Pakistan should not be limited to taking measures related to tax alone, but it should also find other ways to enhance the competitiveness of the economy, said IMF’s Resident Representative Ms Esther Perez Ruiz.

Speaking to the office-bearers of the Lahore Chamber of Commerce and Industry on Tuesday, she said the purpose of the IMF programme is to promote macroeconomic stability and the country’s fiscal and monetary policies must promote the former’s vision in this regard.

She said the IMF programme’s aim is to bring a set of policies that could promote sustainable and inclusive growth.

She maintained that since the country’s tax-to-GDP ratio is very low, the purpose of eliminating sales tax exemptions to the industry through the recent finance bill is to reduce the complexity in the taxation system.

“We want Pakistan to attain a long-lasting and durable growth. And for this there is need to first endeavour to implement the macroeconomic policies, leading to the country’s economic development,” she said.

“However, we will remain open to hear remarks, observations and concerns [on the IMF programme] from your end,” Ms Ruiz said.

Speaking on the occasion, LCCI President Mian Nauman Kabir said the chamber is quite sensitive about the impact of Pakistan’s ongoing 22nd IMF programme on the national economy and particularly on the private sector growth. “We will, however, witness the successful completion of this programme as well just like the 21st programme,” he added.

He termed the interaction with the IMF team better understanding of IMF policies and also know about the major success stories related to such programmes adopted by other countries.

Published in Dawn, February 9th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

X post facto
Updated 19 Apr, 2024

X post facto

Our decision-makers should realise the harm they are causing.
Insufficient inquiry
19 Apr, 2024

Insufficient inquiry

UNLESS the state is honest about the mistakes its functionaries have made, we will be doomed to repeat our follies....
Melting glaciers
19 Apr, 2024

Melting glaciers

AFTER several rain-related deaths in KP in recent days, the Provincial Disaster Management Authority has sprung into...
IMF’s projections
Updated 18 Apr, 2024

IMF’s projections

The problems are well-known and the country is aware of what is needed to stabilise the economy; the challenge is follow-through and implementation.
Hepatitis crisis
18 Apr, 2024

Hepatitis crisis

THE sheer scale of the crisis is staggering. A new WHO report flags Pakistan as the country with the highest number...
Never-ending suffering
18 Apr, 2024

Never-ending suffering

OVER the weekend, the world witnessed an intense spectacle when Iran launched its drone-and-missile barrage against...