Finance Minister Aurangzeb Aims for Permanent Macroeconomic Stability

Pakistan Poised for IMF Review Amidst Finance Minister’s Agenda for Economic Reform.

Islamabad: In a recent interview with a private news channel, Finance Minister Muhammad Aurangzeb expressed his commitment to ensuring that Pakistan moves towards permanent macroeconomic stability. He highlighted positive indicators in the first quarter of 2024, including improved GDP, stable exchange rates, and overall macroeconomic stability. Aurangzeb emphasized the need to make this stability a lasting feature of Pakistan’s economy, particularly amidst financial constraints faced by the nation.

As Finance Minister Muhammad Aurangzeb assumes office, Pakistan gears up for the second and final review of the IMF‘s $3 billion Standby Agreement (SBA). Aurangzeb aims to address structural issues in the economy, focusing on reducing revenue leakages, cutting expenditure, and exploring revenue expansion opportunities such as tapping into China’s bond market. Pakistan’s successful completion of IMF prerequisites positions it well for a new longer-term bailout, potentially through an Extended Fund Facility (EFF). With Aurangzeb’s agenda for economic reform and Pakistan’s adherence to IMF requirements, the nation anticipates a positive outcome from the upcoming IMF review, paving the way for sustained economic stability and growth.

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