Pakistan and the International Monetary Fund (IMF) have initiated formal discussions regarding a new loan program and the upcoming budget for the forthcoming financial year.
The IMF delegation, led by Mission Chief Nathan Porter, has commenced talks with Pakistan’s economic team, led by Finance Minister Muhammad Aurangzeb. These discussions are scheduled to continue for two weeks as both sides strategize for the upcoming loan program and budget.
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The financially strained Asian nation is seeking a substantial bailout package exceeding $6 billion from the IMF to bolster its economy and address fiscal challenges.
The economic team of the Finance Ministry has diligently prepared for these negotiations, with a focus on the Extended Fund Facility loan program and the formulation of the national budget.
Esther Perez Ruiz, the IMF’s resident representative in Pakistan, indicated that the IMF will provide recommendations to enhance governance and promote sustainable economic development. Finance Minister Aurangzeb emphasized the government’s dedication to expanding the tax base through digitalization.
The IMF has also raised concerns about political uncertainty in Pakistan following recent elections, which could impact economic reform efforts.
