Pakistan will have no trouble repaying a loan from the International Monetary Fund (IMF), Finance Minister Dr Abdul Hafiz Sheikh said on Tuesday.
“I think that there is no danger or threat of Pakistan not having the funds to pay back the IMF,” Abdul Hafeez Sheikh told reporters at an event in Washington.
“It’s not even an issue that is a concern for us at this point,” he said after attending the IMF and World Bank meetings over the weekend.
The IMF has helped prop up Pakistan’s economy with an $11 billion loan, of which the country has received $8 billion.
Although the loan package ends September 30, Pakistan does not plan on seeking the remaining funds because it has enough foreign exchange reserves. “Pakistan’s reserves are higher than they would have been,” Sheikh said.
Sheikh said he “felt” that his country would be able to weather the economic hits. “Where we want to go, is to get back to 5 to 6 percent growth so we can accommodate our young people looking for jobs,” he said.
Earlier addressing the US Think Tank Atlantic Council, Hafeez Sheikh said that the steps to stop the transfer of corruption money in foreign countries are being made.
He said that Pakistan would pay 1.2 billion dollars to international monitory fund, adding that rulers and regulations are being made to increase the tax net instead of increasing the tax rate.
He said that Pakistan has demanded market access to its products from the international community, adding that economic ties are also being enhanced with the neighboring countries.
September 27, 2011
