The finance ministry issued a clarification after the rumours of economic emergency in the country gained momentum. State Minister for Petroleum Musadik Malik termed the economic emergency as a ploy by the opposition.
There was a tsunami of news about the imposition of an economic emergency in the country on social media. The rumours began to circulate at every moment and in every direction and in every language.
The finance ministry finally woke up and denied the impression in a statement on Tuesday night.
The statement said that in recent days, a false message has been circulating on social media about the alleged economic emergency proposals.
The Finance Division not only vehemently denies the claims made in the above message but categorically denies that there is any plan to impose an economic emergency.
Unfortunately, this message is aimed at creating uncertainty about the economic situation in the country and can only be spread by those who do not want to see Pakistan developed and prosperous.
In this era of economic difficulties, it is against the national interest to create and spread such false messages.
The nine points mentioned in the message indicate how useful these tips are. It is also quite inappropriate to compare Pakistan with Sri Lanka given the inherent strength and diversity of Pakistan’s economy.
The current difficult economic situation is mainly the result of external factors such as the commodity supercycle, the Russia-Ukraine war, the global recession, the trade war, the Fed’s policy rate hike and the unprecedented flood devastation.
The government is making great efforts to mitigate the impact of such externalities, even as it faces the economic consequences of extraordinary floods and has to meet IMF conditions. The government is committed to completing the IMF program by meeting all external debt repayments on time.
In this difficult economic situation, the government has taken several austerity measures with the approval of the federal cabinet. Such measures are public knowledge and are aimed at eliminating unnecessary expenditures.
Similarly, the government is looking into energy conservation, which is primarily aimed at reducing the import bill. Such discussions will continue in the Cabinet and all decisions will be taken in consultation with all stakeholders and in the best national interest.
With the efforts of the current government, the International Monetary Fund (IMF) programme is back on track and negotiations for the ninth review are now at an advanced stage.
The government’s recent efforts have resulted in, among others, a lower current account deficit in recent months and the achievement of the Federal Board of Revenue’s (FBR) targets.
The pressure on external accounts is also likely to ease in the near future while medium-term structural adjustments are still needed, the country’s economic situation is now moving towards stability.
The Finance Division urges the people of Pakistan to play their part in economic improvement and stability and not to heed rumours which are against the national interest of Pakistan.