IMF agreement terms can’t be open for public till its appoval: Dr.Abdul Hafeez Shiekh
ISLAMABAD: Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shiekh said that the agreement with the International Monetary Fund’s (IMF) can’t open for public till the approval from its board.
While addressing to a press conference Finance Advisor along with other ministers and Chairman for Federal Board of Revenue (FBR) said, “when the government took charge the financial situation was shocking and exports were falling while the debts shot up to Rs 31,000 billion.”
The IMF loan has been taken on 3.2 percent interest, and in coming days we will get up to $3 billion from Asian Development Bank and World Bank, the financial advisor said.
Dr. Shiekh said that those criticizing the IMF agreement have vested interests. “There always some basic requirements to take IMF loans. The situation will be better in the coming days. The next six to eight months will seek stability and after that, there will be progress. We will end circular debt by 2020.”
Dr. Shiekh said that the Pakistan Stock Exchange is performing well with every passing day and in the coming budget every institution will launch a cost-cutting campaign. “The civilian and army administration are on the same page for this campaign.”