The International Monetary Fund (IMF) has reiterated support for Pakistan, just a few hours after Finance Minister Muhammad Aurangzeb met with US Assistant Secretary of State Donald Lu.
This was stated by the lender’s Middle East and Central Asia director Jihad Azour in a press conference in Washington. He said a package centered on reforms mattered most and the size of the program was not important.
Azour said authorities are focused on a new loan program to tackle key challenges including budget deficits, revenue collection, and energy sector reforms.
Finance Minister Muhammad Aurangzeb is currently attending the meetings in Washington. He told reporters that discussions with the IMF are underway for a new loan program. He clarified that significant devaluation of the PKR won’t be an issue.
Aurangzeb outlined the government’s focus on strengthening industries such as agriculture and information technology to stimulate growth, aiming for a growth rate exceeding 4 percent in the coming years.
The Finance Minister also met with US State Department officials to enhance economic partnerships between Pakistan and the United States, particularly in sectors like renewable energy, agriculture, and technology.
In a separate meeting with the IMF, Aurangzeb reiterated Pakistan’s commitment to implementing robust reforms including expanding the tax base, privatizing state-owned enterprises, and bolstering social safety nets.
It is pertinent to mention that the IMF is scheduled to review Pakistan’s progress and discuss the possibility of a new package tailored to the country’s specific needs.
