No hurry for IMF deal: Asad Umar

ISLAMABAD: Minister for Finance Asad Umar on Friday said Pakistan has no plan to go for an International Monetary Fund’s (IMF) program instantly to get fresh loans. Umar said the country is currently engaged with the IMF team that is on a visit for review mission. Review talks with the IMF team are a matter of routine job after completion of the last program, he told media after a meeting with the business community at the Islamabad Chamber of Commerce and Industry. He, however, said the current negotiations would act as a base whenever Pakistan would need to start a new program with the IMF. Earlier, the finance minister, addressing the businessmen, said the government is working to separate the tax policy and tax administration as part of reforms to facilitate the taxpayers. A tax policy board would be formed and business community would also be given representation in the board. Umar urged the Islamabad chamber to develop a master economic plan of Islamabad keeping in view the natural endowments of the region and share it with the government to get resources exploited for the economic development of the city.

The minister said ICCI should also prepare recommendations to guide the government about the types of industries that should be set up in the proposed special economic zone in Islamabad.

Islamabad has good potential for information and communication technology industry as 27 higher education institutes are producing educated youth, including IT professionals, in the federal capital, he added.

Umar further said the economy is undergoing “a bypass surgery”.

Government is working on a plan to provide 100-million-gallon water per day to Islamabad that would resolve water shortage issue and would also benefit the local industry.

The finance minister said the government would cooperate with the Islamabad Chamber of Commerce and Industry to set up new industrial estate in the city.

President ICCI Sheikh Amir Waheed said a new industrial estate is urgently needed for industrialisation as there is no further space in the industrial estates to set up new industrial unit.

The government should provide suitable land for this project.

Waheed said almost 90 percent issues of trade and industry are related to the Capital Development Authority and the government should appoint sitting president of the Islamabad Chamber of Commerce and Industry as member of CDA board that would help in smooth resolution of key issues of the business community.

Umar also inaugurated the newly constructed export display centre at the Islamabad Chamber of Commerce and Industry set up to promote exports of the region.