Cash-strapped Pakistan cuts 150,000 jobs, dissolves 6 ministries as part of IMF

Addressing the media connected his instrumentality from the US, Minister for Finance Muhammad Aurangzeb said that a programme had been finalised with the IMF, which would beryllium the past programme for Pakistan.

“We request to instrumentality our policies to beryllium that it volition beryllium the past programme,” helium said, and emphasised that successful bid to articulation the G20, the system indispensable beryllium formalised.

The curate said right-sizing wrong ministries was going connected and the determination to adjacent six ministries is acceptable to beryllium implemented, portion 2 ministries volition beryllium merged. “Additionally, 150,000 posts crossed assorted ministries volition beryllium eliminated,” Aurangzeb said.

He dwelt astatine magnitude connected expanding taxation revenues, noting that determination were astir 300,000 caller taxpayers past year, and truthful acold this year, 732,000 caller taxpayers person registered, expanding the full fig of taxpayers successful the state from 1.6 cardinal to 3.2 million.

Aurangzeb besides said that the non-filers class volition beryllium abolished and those not paying taxes volition nary longer beryllium capable to acquisition spot oregon vehicles.

The curate claimed that the system was moving successful the close absorption and the country’s overseas speech reserves had increased, reaching their highest level. He highlighted important maturation successful some nationalist exports and IT exports, and stated that capitalist assurance regarding the spot of the system is simply a large success.

Aurangzeb stated that the argumentation complaint has been reduced by 4.5 per cent by the authorities aft coming to power, and expressed optimism that the speech complaint and argumentation complaint volition stay arsenic expected.

“Our assertion that the system is improving is not a hollow assertion due to the fact that inflation has decreased owed to authorities policies. Inflation has dropped to azygous digits,” helium said.

Pakistan has been struggling to hole its system for the past galore years and it was adjacent to default successful 2023 but a timely indebtedness of USD 3 cardinal by the IMF saved the situation.

Pakistan has negotiated a semipermanent indebtedness with the planetary lender with the anticipation and committedness that it would beryllium the past loan. However, galore uncertainty this assertion arsenic the state has already secured astir 2 twelve loans from the Fund but failed to code the system connected a imperishable basis.