- The minister of finance will head a delegation to Washington for talks in the middle of April.
- He claims that a “larger, longer program” has been well received by the global lender.
- Encourages the growth of the equity and debt markets to fund infrastructure projects, calling for reduced reliance on banks.
- Reports “good progress” on privatizing PIA and outsourcing airports, with completion targeted for July.
Although there haven’t been any conclusive talks with the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb expressed optimism on Friday that a staff-level agreement (SLA) would be reached by the end of the fiscal year (June 30). The finance minister stated that specifics of the agreement would be discussed at the spring meetings and that he would be leading a delegation to Washington on April 14 or 15. He made this announcement during an appearance at the PSX gong ceremony.
Speaking about the important topic of a new IMF program, Mr. Aurangzeb stated that in his recent interactions with them, the Fund has been “very receptive” to a “larger and longer program.” “We hope to have reached the SLA by the end of this fiscal year, but there hasn’t been any final discussion or agreement with them,” he said, stressing the significance of the prior staff-level agreement in maintaining macroeconomic stability. Perhaps giving a subliminal nod to earlier attempts to avoid Fund bailouts that did not work out well for the nation, he said, “We need the Extended Fund Facility (EFF) to execute the structural reforms program, with the key word being ‘execute’, and not being bogged down in debate.”
“What and why are known to us… Entering the implementation phase is necessary, the speaker said. In terms of privatization, Mr. Aurangzeb reported “very good progress” toward outsourcing airports and privatizing PIA, with completion targeted for July. He restated the administration’s view that the private sector must steer the nation. “It is improper for the government to be in business,” he declared.
