Finance Minister Muhammad Aurangzeb expressed Pakistan’s eagerness to negotiate a larger and longer financial lifeline from the International Monetary Fund (IMF) to accomplish macroeconomic stability in the country.
During his first-ever interaction with the media persons after assuming his office, Aurangzeb highlighted his priorities as finance minister and stated that GDP growth is directly linked to macroeconomic stability.
However, he did not mention any specific amount Pakistan would be looking forward to requesting from the IMF and stated it would be premature to specify it at this point.
He stated that Pakistan has invited the IMF mission for the final review of the ongoing standby agreement (SBA) and this opportunity would also be used to initiate preliminary talks on a larger and longest Extended Fund Facility (EFF) programme.
The finance minister said that an IMF mission is expected to visit Pakistan from March 14-18, possibly extending to March 21.
The finance minister did not commit if Pakistan would be seeking to augment the EFF with climate risk-related financing from the IMF, as Bangladesh recently secured $3.3bn under the Resilience and Sustainability Facility (RSF).
The finance minister expressed optimism about reducing inflation and achieving GDP growth through macroeconomic stability.
Aurangzeb also outlined priorities for economic reforms, including enhancing revenue collection through the digitization of the Federal Board of Revenue (FBR) to increase transparency and fiscal space, aiming to double the tax-to-GDP ratio through technology and data analysis.
He highlighted the need to broaden the tax base to include sectors like wholesale, real estate, and agriculture, moving away from reliance on temporary taxes.
Further, he discussed the government’s strategy for improving the economy through public-private partnerships, notably in the Public Sector Development Programme (PSDP), and the importance of finalizing the sale of Pakistan International Airlines (PIA) within the fiscal year.
Aurangzeb stressed the significance of external investments and the role of the Special Investment Facilitation Council (SIFC) in attracting equity investments to support Pakistan’s economic goals.
REGARDING THE ABOVENEWS OUR NEWGIVERNMENT HAVE A BIG PLAN TO PUT OURCOMINGGENERATION TO FACE WHAT EVER THEY WILL BE INHERTATED IN TERM OF LOANS WHICH NOW WE BAGGING NOT IN THE BENIFIT OF POORPEPOLE BUTFOR PUT ALL MONE IN THE FOREIGN ACCOUNT. WHAT ELSE I SAY.I HOPE MY COMMENTS WILL BE PROPERLY REVIEW AND APPEARON PROFIT