Ministry of Finance Clarifies a News Item

Islamabad: A spokesman to the Ministry of Finance has clarified that some of the reporting relating to the submissions made by Finance Secretary before the Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Planning and Development have not been accurate.

The Finance Secretary at no point had stated that Pakistan would be requesting a Fund programme earlier than planned. 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%. 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.

It has also been incorrectly reported that electricity subsidies have been discontinued. 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 outstanding on account of unpaid tariff differential subsidies.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326

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