ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has said that Islamabad is hoping to receive between $1 billion and $1.5 billion from the International Monetary Fund (IMF) under climate finance.
The Finance Minister announced that an IMF delegation will visit Pakistan on February 24. He added that the talks will focus on structural matters, while the mission for the semi-annual review of the loan programme is scheduled for March.
Talking to journalists at an event in Islamabad he assured that all matters on the IMF programme are moving in the right direction.
Discussing the national economy, Muhammad Aurangzeb highlighted that the current account deficit turned negative last month, although the seven-month trend for the current account remains positive.
He emphasised the need for careful management of economic growth to prevent another boom-and-bust cycle. The minister also underscored the importance of structural reforms to reshape the country’s economic framework.
He stressed that structural reforms are necessary to reshape the country’s economic framework.
Earlier, Finance Minister Muhammad Aurangzeb addressing the event organised by the Pakistan Retail Business Council stated that Pakistan cannot afford unnecessary subsidies. He emphasised that Prime Minister Shehbaz Sharif and his economic team are dedicated to ensuring economic stability.
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He added that Pakistan’s economy is now on the right path and moving toward sustainable growth. Additionally, the government has finalised a comprehensive rightsising plan, which will be implemented after reviewing all institutional matters.
Aurangzeb highlighted recent pension reforms and their positive impact on tax revenues. He added that fundamental economic reforms are underway to achieve financial stability in the country.
The minister also discussed efforts to enhance transparency in the privatisation process and cut government expenditures. He pointed out that the continuous decline in the policy rate would benefit the business community and investors.
He further noted that provincial governments are working on agricultural taxation, while a reduction in the policy rate will further strengthen the economy.
