Talks Begin With IMF For Fresh Bailout Package: Finance Minister

News Today:   Federal Finance Minister Muhammad Aurangzeb has said that good news related to the economy has started coming, while reforms are indispensable for getting rid of the IMF.

Addressing an event in Islamabad, Finance Minister Muhammad Aurangzeb expressed optimism praising the leadership of Prime Minister Shehbaz Sharif and his economic policies that led the country on the path of economic stability.

The finance minister said that Fitch has improved Pakistan's rating, and the new IMF loan program has improved global confidence in Pakistan. Now, the government's job is to provide a policy framework. The IMF Executive Board approved the $67.76 billion federal budget. However, reforms are imperative for debt relief from the IMF.

He further added, the private sector endeavours to strengthen its condition and impart a vital role in the state economy. Government needs to announce reforms to bolster the national economic conditions and pave a smooth path for maximum foreign direct investment. Aurangzeb confirmed the state efforts adhering to the IMF terms but there is a need for extended efforts to ensure a sustainable economy. Solely the public sector can’t make the difference without shifting towards Public Private Partnerships (PPP).

Mohammad Aurangzeb said that the central bank has reduced the interest rate, and more reforms in the energy sector are in the pipeline. The cautious and positive moves are intended to provide relief to the disappointed public.