IMF only option without sharp increase in export earnings: Imran Khan

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The Prime Minister of Pakistan claims that the government is committed to facilitating business and industrialization is necessary for prosperity

Prime Minister Imran Khan warned on Tuesday that Pakistan would have no choice but to return to the International Monetary Fund (IMF) to obtain more loans if the country’s export earnings did not rise sufficiently to support the national economy.

“We will have to go to the IMF again if we do not increase our exports,” he said at the opening ceremony of the 14th International Chambers Summit 2022, hosted by the Rawalpindi Chamber of Commerce and Industry. He stressed that exports and tax collection were the primary methods of strengthening the national economy, and said the government was striving to improve both indicators.

He said the government was working to eliminate problems identified by exporters, investors and businessmen, claiming that previous governments had “ignored” these sectors and hampered the creation of prosperity. “The export sector was stagnant in the past, but the incumbent government provides all the facilitation for exporters,” he claimed, adding that the country’s exports had reached $ 31 billion for the first time in its history, while foreign money transfers had risen to $ 32 billion .

He stressed that industrialization was crucial to a country’s economy, noting that mass production had grown by 15 percent in the past year. “The company’s profit has reached Rs. 930 billion, while the decline in the private sector has touched Rs. 1.138 billion,” he said, stressing that this had been despite the crisis caused by the COVID-19 pandemic. exports have recorded a 70 percent increase and have risen to about $ 3 billion, “he said, claiming this was a result of the government’s business-friendly policies.

The construction sector, he said, had also witnessed a boom, while the rural agricultural economy, which includes over 60 percent of the country’s population, had earned Rs. 1,100 billion “The change in their financial condition could be measured by the increased sales of motorcycles,” he claimed.

Regarding the supplementary finance bill tabled by the PTI in parliament as part of “prior actions” required by the IMF to revive a stopped lending facility, Khan said a primary problem was the retail sector, which did not pay adequate taxes, adding that the government worked on tax automation. He said a “tax culture” should be established in Pakistan as it would facilitate social welfare programs such as the health card initiative and the Ehsaas program.

In a tribute to the country’s response to the coronavirus, the prime minister claimed that PTI’s policy of keeping businesses open was now being followed by Britain “We did not let people die because of COVID-19 and shutdowns,” he said, adding that despite the pandemic , inherited economic crisis and global inflation, all of the country’s economic indicators were currently rising. Pakistan, he maintained, was still a “cheaper country” than its regional neighbors.

Khan also cracked down on corruption, claiming that it was a “jihad” for him to secure the rule of law in society.

The 14th International Chambers Summit 2022 will be attended by the presidents of more than 54 ordinary chambers, 10 small chambers, 13 women’s chambers and representatives of development partners, international business, ministries, government institutions and political parties.

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