ISLAMABAD: The government will present the proposed International Monetary Fund (IMF) bailout package before the parliament for approval, Finance Minister Asad Umar has said in a media report.

The minister said that the Pakistan Tehreek-i-Insaf (PTI) government had reduced the burden on common man as compared to the previous PML-N government, which had imposed increased taxes on items of daily use, besides increasing power tariffs.

However, the incumbent government had only imposed taxes on luxury cars and expensive mobile phones, the minister said.

The minister said the government had to take the decision to approach the IMF because of the high current account deficit as a result of the misconceived economic policies of the past government.

“The PTI government was taking concrete measures to facilitate the industrial sector, including the provision of cheap gas and electricity, so that exports could be boosted,” the minister said, adding that the government would bring reforms in the economic system.

The finance minister vowed that the PTI government will not take any step contrary to the party’s manifesto. “Measures being taken to get back the stolen national wealth stashed abroad and national institutions are being strengthened for this purpose,” he said.

The incumbent government was also introducing other revenue generation measures to avoid the IMF packages in future, Umar said.

Earlier this month, the government made the decision to approach the IMF for a bailout package to address the mounting balance of payments crisis faced by Pakistan.

The negotiations will be aimed at reaching a “stabilisation recovery programme” which can be used to tackle the economic crisis, Umar said.

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