The way Dr Hafeez Sheikh was pursuing the IMF ‘s stabilisation programme had led to grim forebodings: a subdued economic growth rate of 1.5 percent coupled with a higher rate of inflation and rising unemployment during the current fiscal year. As Finance Minister Shaukat Tarin has put it, “If the growth rate did not reach at least five percent, the country’s integrity will be at stake in four to five years.”.What Mr Tarin told the National Assembly Standing Committee on Finance on Monday makes sense. According to Mr Tarin, stabilization is no more affordable for Pakistan’s economy that should now shift gear towards higher growth. This however will require “a strong skipper”, as Tarin had put it before joining the cabinet- Advertisement -Tarin favours privatization of state entities that the government has been unable to run. He has to convince the IMF of the need for more development spending, particularly in the housing sector, in a country facing the third deadly wave of Covid-19.

Source: Pakistan Today May 04, 2021 20:15 UTC