A delegation of the International Monetary Fund (IMF) is expected to arrive in Pakistan tonight for second review of the current $3 billion Stand By Agreement.
The South Asian country would get $1.1 billion from the global lender if the talks with the visiting official remain successful. The talks would be held from March 14 to 17.
Newly-appointed Finance Minister Muhammad Aurangzeb and his team are expected to discuss the new programme with the IMF mission.
Aurangzeb, according to reports, has termed the IMF bailout package inevitable for Pakistan, He said all maximum efforts will be made to drive Pakistan out of economic crisis.
IM 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
