KARACHI/ISLAMABAD: Minister for Finance and Revenue, Muhammad Aurangzeb, announced on Friday that the government is scheduled to convene a meeting with the International Monetary Fund (IMF) in Washington on April 14 and 15.
Speaking to journalists during his visit to the Pakistan Stock Exchange (PSX) in Karachi today, Aurangzeb disclosed that the upcoming discussions will encompass the contours of the new program, with detailed negotiations slated to occur within Pakistan.
Reaffirming the government’s commitment to engage in a substantial program with the IMF, Aurangzeb highlighted the ongoing macroeconomic stability efforts in collaboration with the Fund.
Prime Minister Shehbaz Sharif had previously indicated on March 21 that the new IMF program is anticipated to extend over three years.
Aurangzeb addressed queries regarding the IMF, indicating that while the size of the program remains undetermined, there’s an aspiration to finalize a staff-level agreement on the new program by the end of the fiscal year.
Turning attention to the agriculture sector, the finance minister reported a 5% growth, citing a particularly robust rice crop and promising developments in wheat production.
He credited the current account’s improvement, exchange rate stability, and declining inflation rate to the Stand-By Arrangement (SBA) agreement during PM Shehbaz’s previous tenure.
Aurangzeb provided updates on governmental initiatives, highlighting advancements in airport outsourcing and Pakistan International Airlines (PIA) privatization. Emphasizing a dual strategy focused on minimizing losses in the short and medium term, he outlined plans for DISCOs privatization and circular debt reduction.
Asserting a positive economic trajectory for 2024, Aurangzeb underscored efforts to combat tax evasion and broaden the tax base. He emphasized collaboration with the capital market to enhance transparency, investor protection, and SME access to capital.
In conclusion, Aurangzeb stressed the imperative of addressing leakages and energy inefficiencies for sustained economic resilience.
Citing the industrial sector’s significant contribution to national growth and tax revenue, he expressed optimism for continued agricultural sector growth in the upcoming quarter.
