ISLAMABAD, Oct 13: The Finance Secretary at no point had stated that Pakistan would be requesting a fund programme earlier than planned, a clarification of the Ministry said. The Spokesman of the Ministry of Finance was clarifying a news item appeared in some newspapers misquoting the briefing of Secretary Finance to Senate Standing Committee on Finance requesting a Fund programme earlier than planned. In a clarification issued here on Thursday, the spokesman said that some of the reporting related to the Finance Secretary before the Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Planning & Development was not accurate. “The Finance Secretary at no point had stated that Pakistan would be requesting a Fund programme earlier than planned”, the Spokesman said.
He said that the country is on course with regard to its strategy regarding its relationship with IMF which has been fully shared and supported by IMF and other development partners.
“It is also attributed to Finance Secretary that budget deficit would be 5%”, he remarked.
“This is incorrect and no revision in the budgetary target of 4% has been made and based on first quarter’s results this target will most likely be achieved”, he clarified.
The Spokesman added that it has also been incorrectly reported that electricity subsidies have been discontinued.
He said that the submission made was that the subsidy due for the month of October, 2011 has been paid to PEPCO and future monthly payments will also be made on time.
Furthermore, it was emphasized that the current amount of circular debt does not contain any outstandings on account of unpaid tariff differential subsidies, he concluded.
The Spokesman added that it has also been incorrectly reported that electricity subsidies have been discontinued.
He said that the submission made was that the subsidy due for the month of October, 2011 has been paid to PEPCO and future monthly payments will also be made on time.
Furthermore, it was emphasized that the current amount of circular debt does not contain any outstandings on account of unpaid tariff differential subsidies, he concluded.
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