KARACHI: Finance Minister Muhammad Aurangzeb announced significant developments in the country’s collaboration with the International Monetary Fund (IMF), stating that discussions for a substantial program were underway.
Speaking at a ceremony held at the stock market on Friday morning, Aurangzeb affirmed the government’s commitment to pursuing microeconomic stability through continued engagement with the IMF.
He disclosed plans for talks scheduled on April 14 and 15 in Washington to outline the initial framework of the new program, with detailed discussions to follow in Pakistan.
Recognizing the efforts of the caretaker government in enhancing the economy, Aurangzeb underscored the importance of their staff-level agreement with the IMF in ensuring economic stability.
Highlighting the pivotal role of the stock market in economic improvement, he expressed optimism about its current trajectory.
Aurangzeb also lauded the agricultural sector’s growth, particularly noting a 5 percent increase driven by successful rice and wheat yields.
He emphasized the government’s swift action towards reforms in the Federal Board of Revenue (FBR), acknowledging tax leakages and aiming to resolve pending cases worth Rs1.7 trillion within three months.
Aurangzeb attributed the decrease in inflation and stability in the exchange rate to measures taken during the caretaker regime, particularly commending Shehbaz Sharif for his role in securing the SBA agreement.
The minister outlined plans for the privatization of Pakistan International Airlines (PIA) and outsourcing of airports, highlighting the collaborative efforts required across ministries for successful implementation.
During the event, PSX Chairman Dr. Shamshad Akhtar, speaking via video link, discussed positive initiatives to bolster the stock market and enhance cooperation with the banking sector, anticipating new opportunities for investors through upcoming agreements.
She also mentioned the World Bank’s interest in collaborating on energy sector projects and stressed the importance of digitalizing revenue systems and strengthening linkages between the banking sector and capital markets.
Finance Minister Aurangzeb then participated in the gong ceremony at the Pakistan Stock Exchange (PSX), officially opening the day’s trading, which saw the KSE-100 index gaining 90 points, reaching 67,232 points in early morning trading.
