Pakistan's Finance Minister rules out rupee devaluation in talks with IMF

WASHINGTON, (NNI): Finance Minister of Pakistan Muhammad Aurangzeb has ruled out any further significant rupee devaluation ahead of talks with International Monetary Fund (IMF).

The Federal Minister for Finance and Revenue held detailed meetings with US officials including Assistant Secretary of State for South and Central Asian Affairs Donald Lu and Principal Deputy Assistant Secretary of the US Department of State Elizabeth Horst and discussed ways to bolster economic partnership between Islamabad and Washington.

Pakistan's Ambassador to the US Masood Khan and other officials were also present in the meeting.

The meeting was held at the World Bank headquarters in Washington where the finance minister briefed the US officials on Pakistan's reform agenda. Both sides were in agreement to further strengthen Pak-US relations. The finance minister also stressed upgrading Pakistan-US economic partnership.

Alternative energy, agriculture, climate and tech industry issues were also discussed in the meeting.

Aurangzeb also discussed investment opportunities in IT, agriculture and other sectors with the US officials, saying Pakistan will work together with US International Development Finance Corporation and with Exim Bank.

The minister also informed Donald Lu, who the PTI blamed for plotting the overthrow of the Imran Khan's government, about the economic reforms the Pakistan government is undertaking.

The minister attended the Middle East and North Africa (MENAP) Ministers and Governors meeting with the Managing Director International Monetary Fund (IMF), according to a press release.

He thanked IMF, Multilateral Development Banks (MDBs) and its time-tested sincere bilateral partners for their support in helping the country respond to unprecedented challenges.

He further underscored aggressive reforms including broadening the tax net, privatizing loss making SOEs, expanding social safety net and facilitating the private sector. He also underlined the importance of re-channelling of SDRs, review of surcharges policy and prioritizing the RST in view of climate vulnerabilities.

Finance Minister Aurangzeb has ruled out any further significant rupee devaluation ahead of talks with International Monetary Fund.

Speaking at roundtable meeting with Bloomberg team in Washington, he said there is no reason for rupee devaluation as Pakistan has solid foreignexchange reserves, stable currency, rising remittances and steady exports.