Federal Finance Minister Muhammad Aurangzeb announced on Friday that significant strides are being made towards a major program with the International Monetary Fund (IMF).
Speaking at a ceremony held at the Stock Exchange in Karachi, the Federal Finance Minister revealed that discussions with the IMF are scheduled for April 14 and 15, with further meetings planned with IMF officials in Washington. Stressing the importance of maintaining microeconomic stability, he affirmed the government’s commitment to working closely with the IMF.
Aurangzeb credited better economic policies for the anticipated stabilization of the economy. He commended the caretaker government’s efforts to enhance economic conditions and underscored the significance of reaching a staff-level agreement with the IMF to ensure economic stability.
Highlighting the pivotal role of the stock market in economic development, the minister expressed optimism about its current trajectory, citing growth and improved production in key sectors such as rice and wheat. He also stressed the urgent need for reforms within the Federal Bureau of Revenue (FBR) to address tax leakages and expedite pending revenue cases amounting to Rs1.07 trillion.
While acknowledging the challenges ahead, Aurangzeb reiterated confidence in the government’s economic policies and their positive impact on stabilizing the economy. He mentioned ongoing efforts to outsource airports and privatize Pakistan International Airlines (PIA), stressing the importance of collaboration among ministries to advance the privatization agenda.
Earlier in the day, Minister Aurangzeb participated in the gong ceremony at the Pakistan Stock Exchange, signaling the commencement of trading.
In her remarks delivered via video link, Chairman of the Pakistan Stock Exchange, Dr. Shamshad Akhtar, lauded the government’s initiatives to boost the stock market. She stressed the need to strengthen linkages between the banking sector and capital market, while also advocating for the digitization of the revenue system for enhanced efficiency.
Additionally, she mentioned potential collaborations with the banking sector and the World Bank’s interest in supporting the energy sector.
