Caretaker Finance Minister Shamshad Akhtar, during a press conference in Islamabad on Friday, announced to roll over deposits from other countries upon their maturity.

The statement came after a meeting of the Special Investment Facilitation Council (SIFC), where Akhtar stressed the need to revitalize Pakistan’s economy and lift import restrictions across the board, given Pakistan’s import-intensive nature.

Regarding foreign exchange reserves, Akhtar stated that it is a top priority. She reassured that the situation is currently “reasonably okay” and explained that discussions are ongoing to ensure timely inflows and rollover of existing deposits upon maturity.

Akhtar also noted that the flow of dollars into the country is not unusual, given the necessity to open up imports for industrial revival, declining exports, and a shortfall in remittances. She stated that the precise amount of inflows would require further discussions, but for the full year, they hoped for cumulative inflows of close to $6 billion from various sources.

She also highlighted discussions with multilateral development banks such as the World Bank (WB) and the Asian Development Bank (ADB). She hoped to fast-track the process and mentioned an upcoming review by the International Monetary Fund (IMF) in November, which could lead to the release of the second tranche of its program with Pakistan, along with tranches from the ADB and loans from the WB.

Akhtar also stressed the government’s “whole-of-government” approach to the finance ministry’s divisions, emphasizing collaboration and holistic operation as a team to manage the economy effectively.

The finance minister outlined the government’s efforts to jumpstart the economy and enhance the social safety net through structural adjustment reform programs. She emphasized the importance of financial inclusion and its potential to empower citizens, the agriculture sector, and small and medium enterprises.

Source: Pro Pakistani