Finance Minister Muhammad Aurangzeb is determined to achieve lasting macroeconomic stability in Pakistan.
In an interview with Geo News on Wednesday, Aurangzeb emphasized the positive developments in the first quarter of 2024, such as improvements in GDP, macroeconomic stability, and a steady exchange rate. He stressed the importance of maintaining these advancements over the long term.
Aurangzeb outlined strategies to address revenue leakages, decrease spending in the Public Sector Development Programme through public-private partnerships, and tap into untapped segments like China’s bond market to enhance revenue streams. He also announced plans for Pakistan to launch a Panda bond in the upcoming fiscal year to access liquidity from the Chinese market.
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Expressing confidence in Pakistan’s ability to fulfil all requirements for IMF talks starting that day, Aurangzeb highlighted that Pakistan had successfully met all Structural Benchmarks, Qualitative Performance Criteria, and Indicative Targets for the completion of the IMF review. He anticipated a staff-level agreement after this final review, paving the way for the disbursement of the last tranche of $1.1 billion upon approval by the IMF Executive Board.
Regarding the post-EFF (Extended Fund Facility) scenario from the IMF, Aurangzeb mentioned the government’s intention to seek commercial financing and support primarily from Middle Eastern banks to aid the country’s trade business.
