ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has confidently declared that Pakistan’s ongoing International Monetary Fund (IMF) program will be the country’s last, signaling positive strides in economic reforms and a new direction focused on sustainable growth.
In an interview with Nikkei Asia, Aurangzeb emphasized the government’s commitment to completing the IMF-mandated reforms, while shifting towards a development-oriented economic model. He highlighted improvements in Pakistan’s sovereign credit ratings, a key outcome of the IMF bailout package.
Notably, inflation, which soared to 38% in May 2023, has now dropped significantly to just 3%, a testament to effective economic measures. The finance minister expressed confidence that Pakistan is on track to secure a “B” rating from global credit agencies, boosting investor confidence.
The government is also focused on increasing exports, attracting foreign investment, and re-entering global financial markets, with plans to issue a Panda Bond by the end of the fiscal year. Pakistan is exploring the yuan bond market to diversify funding sources.
Aurangzeb also highlighted the growing collaboration with China, announcing that the joint venture, Service Long March, will soon list its shares on the Hong Kong stock market. This venture, focused on manufacturing truck and bus tires, underscores the strengthening industrial cooperation between the two nations.
The finance minister assured that Pakistan is committed to ensuring the safety of foreign nationals, including Chinese citizens, emphasizing that security measures are in place.
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With inflation under control and significant economic reforms yielding positive results, Aurangzeb expressed optimism for Pakistan’s future, stating that this would be the last IMF program, signaling a shift towards economic self-reliance and sustainable development.
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