The Ministry of Finance has given assurances to the International Monetary Fund (IMF) outlining its fiscal roadmap for the next fiscal year in the Memorandum of Economic and Financial Table.
Among the assurances disclosed, the ministry has pledged to bolster foreign exchange reserves to a substantial $13.6 billion for the next financial year. Additionally, there is a commitment to elevate foreign exchange reserves parked at the State Bank of Pakistan to $9 billion by end-June FY24, Finance Ministry sources told ProPakistani.
A noteworthy aspect of the memorandum is the rollover of debts amounting to $6.34 billion during the next fiscal year.
Also, sources indicated an agreement between the Ministry of Finance and the IMF to amplify foreign investment by $1.31 billion for FY25, signaling a joint effort to strengthen the economic foundation.
To stimulate foreign investment, the Memorandum of Economic and Financial Table focuses on increasing foreign investment to $700 million in the ongoing fiscal year. The Ministry of Finance sources highlight the pivotal role the Special Investment Facilitation Council (SIFC) is expected to play in boosting foreign investment during this period.
Insiders remarked that the assurances forged between the ministry and the IMF for the next fiscal year are indicative of a new loan program.
