Pakistan is keen on enhancing trade relations with two major international economies, as stated by Finance Minister Muhammad Aurangzeb (Photo: AFP).
The Federal Minister for Finance, Muhammad Aurangzeb, mentioned that discussions have started on new agreements for billions of dollars in loans with the IMF. In an interview with a leading French news agency in Washington, he stated that negotiations have begun for new loan agreements worth billions of dollars for economic reform programs with the International Monetary Fund (IMF).
He revealed that under the current IMF program, there is a possibility of approval for the final tranche of $1.1 billion by the end of the current month. Additionally, Pakistan has also started negotiations for new long-term programs for loans worth billions of dollars.
Muhammad Aurangzeb expressed his optimism for better results in the current financial year compared to the past, attributing it to the improved business environment in the Pakistani market. This has led to increased investor confidence, prompting the new government to initiate discussions with the IMF for inclusion in their new extended program.
According to an AFP spokesperson, the IMF’s focus is currently on completing the ongoing Stand-by Arrangement with Pakistan, which is expected to be finalized soon. However, the new government in Pakistan has also shown interest in a new program, with initial discussions expected to begin soon.
The Finance Minister said that Pakistan will request a minimum of a three-year program from the IMF for comprehensive implementation of its economic reform policy. He added that further progress on this matter will be presented next month.
In response to a question, the Finance Minister stated that the government is keen on increasing trade relations with two major international economies. He highlighted that the United States is Pakistan’s biggest trading partner and has always supported Pakistan in terms of investment. He also mentioned that investments through CPEC are part of Pakistan’s policy.
He emphasized that the government is currently scrutinizing underperforming institutions seriously, with the privatization of PIA included in this list. He added that significant progress is expected on this front next month. The aim is to finalize the privatization of PIA by the end of June.