Pakistan heading for three-year loan deal with IMF: Finance Minister
KARACHI, (NNI): Federal Finance Minister Muhammad Aurangzeb Friday announced that Pakistan is going to enter "a major loan programme" with the International Monetary Fund (IMF) as the country cannot move forward until the government get space to implement policies.
Talking to newsmen after addressing a ceremony at the Pakistan Stock Exchange (PSX) in Karachi, Aurangzeb said the inflation rate is coming down gradually and country's current account is also better.
Responding to a question, the finance minister said the outsourcing of airports is at an advanced stage.
The minister said the government will hold detailed talks with IMF officials on April 14-15 in Washington.
"We are heading towards a major program with the IMF and will maintain microeconomic stability with it. We will need a three-year programme with the IMF," he remarked.
"The exchange rate is stable and hopefully it will improve gradually, and the economy will be back on its feet soon," he added.
The minister said work is going on for the privatization of Pakistan International Airlines (PIA) and the power distribution companies (Discos).
Furthermore, Aurangzeb expressed confidence in the effectiveness of the government's economic policies, which he claimed would contribute significantly to improving the economy. He also credited the measures taken during the caretaker government period as instrumental in laying the groundwork for future progress.
Earlier, delivering a speech at the Gong ceremony in the Pakistan Stock Exchange, Aurangzeb said the current account deficit had remained in surplus throughout February. He also highlighted the pivotal role played by the stock market in driving economic improvement, underlining its importance in stimulating investment and bolstering overall economic activity.
The minister also mentioned the ongoing discussions with the IMF, signalling the government's commitment to securing support and guidance for economic reform initiatives.
The minister expressed the confidence in the effectiveness of the government's economic policies, which he claimed would contribute significantly to improving the economy. He also credited the measures taken during the caretaker government period as instrumental in laying the groundwork for future progress.
Highlighting the engagements with the IMF, he revealed plans for meetings with the organisation in Washington in the coming days. "We are heading towards a major programme with the IMF and will maintain microeconomic stability with it. We will need a three-year programme with the IMF," he remarked, adding that the talks with the Fund were scheduled for April 14 and 15 in Washington.