KARACHI: Minister for Finance and Revenue Muhammad Aurangzeb stressed need for new International Monetary Fund (IMF) programme, hoping for staff-level agreement (SLA) by end of next fiscal year.

Addressing business community at Gong Ceremony at Pakistan Stock Exchange (PSX) here, Minister said that government was going to hold meeting with International Monetary Fund on April 14 and 15 in Washington.

He noted that features of new programme will be discussed during meeting, adding that there have not been any final discussions with Fund yet. He noted that country needs new IMF programme that should last for at least three years. “We need Extended Fund Facility to execute structural reform agenda,” he added.

$3 billion standby arrangement with IMF expires on April 11, and two sides reached  staff-level agreement regarding disbursal of final tranche of $ 1.1bn last week. Shedding light on economic situation, he said that with significant improvements in key economic indicators economy in year 2024 commenced on better note.

He said that Ministry of Finance in collaboration with Ministry of Law and Federal Board of Revenue was working to eliminate leakages in tax revenue and bring more people into tax net.

He mentioned that government was working to bring reforms in state-owned enterprise (SOEs), privatisation and energy sectors besides improving tax system.

He, however highlighted role of private sector in economic development. He acknowledged importance of capital market in advancing economic growth adding that government would work with Securities and Exchange Commission of Pakistan to create conducive regulatory environment for economic growth in capital market.

He said government would focus more on improving efficiency, transparency and protection of investors in capital market to enhance its performance.

He expressed gratitude for Chinese participation and investment in Pakistan’s capital market and stock holdings. He emphasised that growing cooperation between PSX and Chinese exchanges was vital for economic development of Pakistan and mutual benefits for both countries.

Meanwhile, during his visit, he also visited Utility Stores Corporation to review coverage and benefits of Ramadhan Relief Package. Purpose of visit was to ensure implementation of package. Aurangzeb reviewed distribution and sale statistics of items under and oversaw setup and operations of nominated mobile units for distributing subsidised food items among deserving individuals.

Published in The Daily National Courier, March, 30 2024

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