Miftah confirms sending ‘Letter of Intent’ back to IMF

Finance minister hopeful of board meeting by end of August


Finance Minister Miftah Ismail on Wednesday confirmed that Pakistan has sent back the Letter of Intent to the International Monetary Fund (IMF).

Addressing the business summit in Islamabad, the Pakistan Muslim League Nawaz (PML-N) leader said the letter was signed by him and State Bank of Pakistan’s (SBP) Acting Governor Dr Murtaza Syed.

The finance czar accepted that he faces shame in asking for money from other countries. “The Pakistan today is not where it used to be 75 years ago.”

He went on to say that there was a deficit of Rs3,500 billion annually during the last four years of the Pakistan Tehreek-e-Insaf (PTI) led government whereas the budget deficit stood at Rs1,600 billion during the PML-N’s tenure.

“This year the budget deficit will be Rs4,000 billion, lesser than that of Rs5,200 billion last year,” Ismail said.

Commenting on the production of electricity, the federal minister added that production had doubled and was increased by 1,250 megawatts in five years.

Minister Ismail maintained that sugar mills will finally be allowed to export extra sugar but a decision in this regard will be made when the summary on this subject is sent to the economic coordination committee.

Talking about education, he said half of the country’s children do not attend school whereas “every tenth child in the world who does not attend school is a Pakistani.”

Responding to a question pertaining to whether the government is going to impose new taxes through an ordinance, Ismail said “any decision regarding in this regard will be taken by Prime Minister Shehbaz Sharif.”

miftah ismail

Finance Ministry

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