Pakistan Initiates Talks with IMF for Multi-Billion Dollar Economic Support: Aurangzeb
Minister Aurangzeb highlighted the importance of maintaining robust trading relationships with both the United States and China.
Washington DC: In a bid to bolster its economic reform agenda, Pakistan has embarked on discussions with the International Monetary Fund (IMF) for a new multi-billion dollar loan agreement, revealed Finance Minister Muhammad Aurangzeb in an exclusive interview with AFP.
Following the successful near-completion of a nine-month, $3 billion IMF loan program aimed at addressing Pakistan’s balance-of-payments crisis, the nation seeks to initiate negotiations for a new multi-year IMF loan program worth “billions” of dollars. Minister Aurangzeb expressed optimism about the improved market confidence and sentiment, attributing it to Pakistan’s fiscal efforts.
While attending the spring meetings organized by the IMF and World Bank in Washington, Minister Aurangzeb aims to address pressing global economic concerns, including climate change mitigation and support for heavily indebted nations.
Despite recent political challenges, including allegations of electoral rigging, Pakistan’s government under Shehbaz Sharif’s leadership remains steadfast in its commitment to implementing necessary economic reforms. Minister Aurangzeb highlighted the importance of maintaining robust trading relationships with both the United States and China, leveraging opportunities arising from their trade dynamics.
With an emphasis on structural reform, Pakistan is actively pursuing privatization initiatives, starting with the sale of Pakistan International Airlines (PIA). Minister Aurangzeb expressed confidence in the privatization process, signaling a broader strategy to accelerate privatization efforts across various sectors in the coming years.
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As Pakistan navigates its economic challenges, Minister Aurangzeb’s proactive approach underscores the government’s determination to foster sustainable growth and prosperity for the nation.
