KARACHI, Jan 3: Pakistan has met all targets set by the International Monetary Fund (IMF), says adviser to the prime minister on finance Shaukat Tarin said on Saturday.

He was talking to media after a meeting with the management of the Pak-Oman Investment Company.

Mr Tarin said government borrowing had been restricted to Rs 242 billion during the year, which was below the target of Rs 258 billion.

“Our borrowings are below target. We are meeting all IMF targets and there are no worries.”

The adviser was hopeful that core inflation would come down soon: “The current rate of inflation is 24 per cent and the core inflation is hovering around 18.9 per cent.”

Referring to oil prices, he said the government had had lowered petrol prices by Rs 30 per litre, or more than 40 per cent, since oil prices in the international market started going down.

“We have reduced petrol price from Rs 87 to Rs57, whereas India has reduced petrol price by only Rs 5,” he pointed out.

Mr Tarin said the government would pass on the reduction in oil prices to consumers “at an appropriate time”.

“At present, we cannot fully pass on the benefit of oil price cut in view of the border situation and pressure on revenue collection.”

The adviser said foreign direct investment (FDI) inflows in the first five months of current fiscal year had increased by one to two per cent over last year’s figure of $1.7 billion.

Mr Tarin said the Treasury Stock Ordinance would be promulgated in a few days, allowing the public and corporate sectors to buy their own shares at lower prices and sell them after they went up.

“At the same time we have provided a soft lending in stock market to provide sufficient funding. This will certainly support the market.”

QADIRPUR FIELD: About the privatisation of the Qadirpur gas field, he said Prime Minister Yousuf Raza Gilani had already made it clear that it would be done after talks with all stakeholders.

He said that a portion of the Pakistan Steel Mills would be privatised. The unit employed only 10 to 15 per cent of the organisation’s total workforce.—APP