Islamabad:
Pakistan had been engaged with the International Monetary Fund (IMF) for acquiring the climate fund and awaiting support of $ 1.5 billion from the world lender, Federal Minister Muhammad Aurangzeb said on Thursday.
Speaking informally to journalists after a ceremony in Islamabad, the minister revealed that an IMF mission would visit Pakistan on February 24 for discussions on the climate fund, while another mission was expected next month for the Semi -annual examination of the extended installation of the extended fund.
“Discussions will take place with the IMF on the climate fund. The IMF mission should provide $ 1.5 billion in climate funding,” said the minister. “A second IMF mission will arrive in Pakistan in March for a six-month review,” he added.
The funding of the climate of the IMF takes place of its resilience and sustainability trust, which was created in 2022 to provide long -term concessional money to climate expenses, such as adaptation and transition to energy cleaner.
Pakistan made an official request in October of last year for around $ 1 billion in IMF funding under the trust, in order to cope with the country’s vulnerability to climate change. According to an announcement, the mission would go from February 24 to 28 for a “review and discussion” of the financing of climate resilience.
Aurangzeb seemed optimistic about the current IMF program. “Everything about the IMF program is good,” he said. He said the deficit in the current account for a month had become negative, but remained positive for seven months.
“The DNA of the economy will be set by structural reforms, without this, there is no hope of improving the economy,” he said, warning that the growth rate must be carefully increased so that “the boom and bust cycle does not happen again”.
Meanwhile, speaking during a rethought retail conference: innovate, collaborate and prosper ”, organized by Pakistan Retail Business Council (PRBC), the Minister expressed himself by the lack of contribution from the sector From retail to the national chessboard.
“The retail sector, which contributes 19% significant to GDP, pays only 1% of taxes,” he said, adding that the Government had committed to the sale sector Detail, asking them to formalize their businesses and pay their due to taxes.
He warned that the disproportionate burden on manufacturing, services and wage class was not sustainable. “We have to bring other segments into the tax net,” he added. “For a national interest, we can no longer allow ourselves to make people take a free journey.”
He said that a major overhaul of the tax system was underway, emphasizing end -to -end digitization to promote transparency, reduce leaks and fight corruption. “This rationalization [faceless customs] The process has eliminated the cultivation of money, promoting a more effective tax authority. “”
He said, there were 9.4 billions of rupees in cash circulation, which were to be introduced into the formal economy. He admitted that this could not be done overnight, however, the government was determined to move in the right direction.
In his speech, the minister stressed that the economy had taken a significant turn for the best, macroeconomic stability firmly in place as the currency is stabilized, the increased exchange reserves and inflation fell and the rate of policy decreasing considerably, Kibor going from 23 % to 11 %
“These positive developments have not gone unnoticed, because foreign investors again take note of the economic potential of Pakistan. Institutional flows return to the country, investments flowing both debts and actions,” said Aurangzeb.
