Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), mentioned that she had a very productive meeting with Pakistan’s Prime Minister Shehbaz Sharif and his team during a special session at the 2024 World Economic Forum.
In her comments, Georgieva stated that they discussed policy changes and tough decisions needed to overcome Pakistan’s challenges and to promote stronger, more inclusive growth for all Pakistanis.
Earlier, Georgieva noted that Pakistan and Egypt continue to face economic struggles. She mentioned this during her speech at the World Economic Forum session in Riyadh.
Meanwhile, Pakistan’s Federal Finance Minister Muhammad Aurangzeb has expressed confidence in the government’s efforts to improve the economy. He pointed to increased tax collection and a smaller current account deficit as signs of progress.
During his speech at the Business Summit 2024 in Islamabad, the Finance Minister emphasized that there was no “Plan B” besides the IMF, and that a new agreement was expected in June or July.
Aurangzeb also highlighted the positive effects of government actions on tax revenue and the overall economy. He noted that, despite ongoing challenges, the economy is heading in the right direction, with the nine-month IMF program providing much-needed support.
He shared that the State Bank’s reserves have risen from $3.4 billion last year to $8 billion. He was also hopeful about the success of the government’s campaign to register traders, suggesting that concerns about the registration scheme are unwarranted.
Aurangzeb also addressed the issue of tax cases worth billions of rupees stuck in tribunals. He mentioned that the law minister has been asked to find a solution to these pending cases.
