Finance adviser, provincial ministers apprise IMF Mission of fiscal policies

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ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, along with the Sindh Chief Minister Murad Ali Shah and provincial finance ministers of Punjab, Khyber Pakhtunkhwa and Balochistan, held a joint meeting with the International Monetary Fund’s Mission, led by Ernesto Ramirez Rigo, on Saturday.

The participants exchanged views on the existing fiscal situation of the country in the context of the IMF programme, which is currently under discussions.

The mission was apprised that the federal and provincial governments were constantly engaged on fiscal matters and the National Finance Commission (NFC) and the Fiscal Coordination Committee (FCC) forums were being used for ensuring maximum cooperation and coordination among the federal and provincial fiscal authorities.

The provincial finance ministers apprised the mission of various initiatives taken in their respective provinces for resource mobilization at the sub-national level in order to increase developmental and social spending needs.

They expressed that the revenues from taxation had witnessed marked improvement, adding that they were managing their expenditures prudently for better fiscal outcomes.

They assured the mission that the provincial governments would support and complement the efforts of the federal government to adhere to the fiscal framework being discussed with the fund.

The IMF mission was encouraged by the shared thinking at the federal and provincial levels. The mission leader appreciated the updates provided by the provincial governments.

He highlighted the importance of a harmonized system of taxation that would contribute to increasing economic activities and business growth in the country.

The meeting was also attended by the senior officials of the Finance Division as well as the provincial finance departments.

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