Staff Report
ISLAMABAD: Federal Minister for Finance and Revenue, Miftah Ismail here on Friday stressed for maintaining strategic reserves of sugar and regulation of its prices for avoiding price-hike and providing maximum relief to the masses.
The minister was talking to Chairman Pakistan Sugar Mills Association (PSMA), Chaudhry Zaka Ashraf during a meeting at Finance Division. The Secretaries Finance, Commerce, National Food Security and Research, I&P and other senior officers also attended the meeting, according to statement issued by finance ministry.
Miftah He assured Chairman PSMA that the government was aware of the issues being faced by the sugar industry in Pakistan and was keen to resolve these problems at exigency.
He expressed government’s resolve to promote business activities and facilitate the business community to attain sustainable growth in the country.
On the occasion, Zaka Ashraf appreciated the efforts of the government to tackle the inflationary pressure and apprised the finance minister about the issues that were being faced by the sugar industry.
Earlier, Miftah Ismail said Thursday that “we would need to have a tight monetary policy and consolidate our fiscal position” after he returned from Doha following the conclusion of the latest week-long round of talks with the International Monetary Fund. The talks, held in Doha, were aimed at reaching an agreement on policies at the conclusion of the IMF’s seventh review of its $6 billion programme for Pakistan, which has been stalled since early April.
Ismail said the IMF and Pakistan discussed targets for FY23, where, in light of high inflation, declining forex reserves and a large current account deficit, we would need to have a tight monetary policy and consolidate our fiscal position.
“Thus government is committed to reducing the budget deficit in FY23,” he added.
The IMF has made the resumption of the programme conditional on the reversal of fuel and energy subsidies introduced by the previous PTI government, which have been criticised and termed unsustainable by many, including the PML-N and others who are part of the incumbent coalition goverment.
Ismail said the IMF team emphasised the importance of “rolling back” fuel and power subsidies, which were given by the previous administration in contravention of its own agreement with the Fund. “The government is committed to reviving the IMF programme and put Pakistan back on a sustainable growth path.”
