ISLAMABAD – Pakistan and International Monetary Fund (IMF) are set to start their negotiations for a second review of the stand-by agreement, the newly-appointed Finance Minister Muhammad Aurangzeb said.
Aurangzeb, who took charge as new finance chief, called 2024 a difficult year for the economy of the South Asian nation.
He said the newly elected government will engage in talks with global lender to get $1.1 billion tranche of Stand By Agreement.
Reports in local media said Islamabad’s discussions with US-based lender might expand beyond the final review of the current program, potentially leading to a new medium-term bailout.
IMF earlier expressed optimism about engaging with the new government, expressing hope for readiness to complete the second review and, if requested, assist in formulating a new economic program.
The lender also commended the efforts of interim governments in maintaining economic stability through fiscal discipline, protection of social safety nets, and a tight monetary policy to control inflation and bolster foreign exchange reserves.
https://en.dailypakistan.com.pk/12-Mar-2024/pakistan-s-new-finance-minister-muhammad-aurangzeb-assumes-charge-of-his-office
