Murtaza Solangi, the information minister, stated on Friday that the caretaker administration has the authority to make important economic choices as well as implement reforms where necessary.
Caretaker setup is ‘empowered’ to bring economic reforms:. During a news conference with important members of the interim government regarding a Special Investment Facilitation Council (SIFC) meeting, he declared that.
Additionally, interim Finance Minister Shamshad Akhtar, Commerce Minister Gohar Ejaz, and Power Minister Mohammad Ali spoke at the press conference.
Solangi stated that the previous PDM-led government passed the Election (Amendment) Bill, 2023, which granted the interim setup additional authority to make crucial economic decisions. Therefore, the caretaker administration is require to intervene in policy, according to Solangi.
He stated that the topic of today’s SIFC meeting was how to lower the circular debt and cut back on government spending. Additionally, he discussed the improvement of the performance of state-owned companies (SOEs) and the removal of barriers to foreign investment.
During negotiations in her ministry, Finance Czar Shamshad Akhtar proposed the development of a central monitoring unit and an SOE policy.
According to her, the meeting also covered the topic of easing import limits in order to boost the economy.
When asked about the country’s declining foreign exchange reserves, Akhtar responded that the government is in contact with multilateral lenders like the World Bank and Asian Development, and that the IMF’s mission, which is due in November, may open the door for new dollar inflows for the nation.
“Key Highlights and Discussions from the Administration’s Economic Outlook Meeting”
The administration anticipates total inflows of $6 billion for the entire year, she said.
Gohar Ejaz report that ideas were explore for boosting the nation’s exports and adding jobs.
“Pakistan’s economy has shrunk by up to $30 billion,” he claimed.
The commerce minister asserted that industries could be revived when there is an abundance of raw materials and a reduction in smuggling. The minister noted that one of the suggestions he made during the conference was to make power rates competitive for the industries.
Energy Minister Muhammad Ali stated that they discussed plans to reduce electricity theft and implement governance reforms in discos.
He continued that the discussion also covered lowering capacity fees for electricity producers.
“He state that the interim administration and the IMF are discussing the divide plug-in return program, which is anticipate to address the escalating debt situation.”