WASHINGTON: Finance Minister Muhammad Aurangzeb hoped that Pakistan and International Monetary Fundy (IMF) reach staff-level agreement by mid-July for next expanded loan deal.

Talking to journalists at Pakistani Embassy here at conclusion of his week-long US trip, Aurangzeb said long ignored economic reforms agenda should be implemented for healthy economy. Pakistani Ambassador to US Masood Khan was also present.

He anticipated an IMF team to come to Pakistan by mid-May to finalise terms of new extended loan arrangement. “New programme’s draft will take form later. By mid-May, we will begin delving more into specifics of project,” he stated.

He hailed current Stand-by Arrangement as success and expressed optimism that last tranche of 1.1 billion dollars will be disbursed shortly following IMF executive board’s approval by April end. IMF has already said that its executive board will review Pakistan’s SBA during meeting scheduled by end of this month. “Direction for reforms of economy is clear.

Ball is in our court and we will have to work hard. Efforts to access Chinese markets are underway. Improvement in taxation system will multiply tax collections. While, we are bringing digitalisation in Federal Board of Revenue system as well,” he said.

Aurangzeb said progress on public institute’s privatisation was also on anvil. Debt on Pakistan International Airline continued to accumulate manifold every year, which government had to bear, he said, adding that in past state’s efforts of privatisation encountered resistance.

He apprised Saudi Arabia would invest $ 5 billion in Pakistan and Saudi delegation told him in meeting that some of transactions would be carried out in next few days. He said big investors had hinted at investment in Pakistan.

Meanwhile, Pakistani envoy said finmin held meetings with representatives of credit rating agencies and investors. He invited Silicon Valley’s tech entrepreneurs for investment.

He said that behaviour in US regarding Pakistan had changed. “Pakistan holds extensive opportunities for investment in technology sector,” he said.

Published in The Daily National Courier, April, 22 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.