Aurangzeb tells IMF Pakistan will follow reform agenda

KARACHI: Finance Minister Muhammad Aurangzeb told the International Monetary Fund (IMF) on Monday that Pakistan remains steadfast in its commitment to advancing the reform agenda, underscoring its dedication to achieving sustained economic growth and prosperity in the long run.

In a statement released, it was disclosed that a delegation from the IMF, led by Nathan Porter, IMF Mission Chief, met with Finance Minister Muhammad Aurangzeb to discuss future engagements.

The finance minister expressed appreciation for the successful completion of the Stand-By Arrangement and briefed the IMF delegation on the positive developments in macroeconomic indicators during the course of the SBA.

He reiterated the federal government’s pledge to persist with and broaden the reform agenda.

The meeting was attended by Governor State Bank of Pakistan Jameel Ahmad, Chairman Federal Board of Revenue Malik Amjed Zubair Tiwana, and senior officials from the Finance Ministry.

Earlier reports suggested that Pakistan is seeking a bailout package ranging from $6 to $8 billion from the international lender for a duration of three to four years to address its financial challenges.

Sources familiar with the matter indicated that Islamabad may be required to make additional tough decisions, including raising electricity and gas tariffs. Providing an update to the IMF delegation, Muhammad Aurangzeb highlighted the improvement in the country’s economy following the IMF loan package and expressed readiness to negotiate a new loan program for further enhancement. The IMF mission conveyed satisfaction with the measures taken by Islamabad to revive the ailing economy.