Pakistan seeks ‘lengthy, sizable’ IMF deal: finance chief

Finance Minister Muhammad Aurangzeb announced Pakistan’s intent to engage with the IMF for a substantial and extended program to stabilize the economy. He emphasized the need for macroeconomic stability to address inflation gradually. Aurangzeb hinted at a possible reduction in the policy rate but affirmed the autonomy of the State Bank of Pakistan in this regard. He outlined plans to attract foreign inflows through commercial financing and international bonds, stressing the importance of viable projects. Aurangzeb expressed readiness to explore various options, including climate financing and increasing the size of the allocated quota under the EFF program. He underscored the importance of addressing structural bottlenecks promptly, such as digitization in the FBR and restructuring State Owned Enterprises. The minister also emphasized the need to broaden the tax net to include wholesalers, retailers, real estate, and agriculture income. He advocated for public-private partnerships in the Public Sector Development Programme, highlighting the success of such models in Sindh’s Thar region.

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