Pakistan Expects Bigger Loan Program with IMF by June-July 2024

Finance Minister Muhammad Aurangzeb announced on Tuesday that Pakistan expects to reach a Staff-Level Agreement with the International Monetary Fund (IMF) for a larger loan program by June-July 2024.

This development aims to stabilize the economy and execute structural reforms.

Economic Projections

Aurangzeb projected that foreign exchange reserves held by the State Bank of Pakistan will reach $9-10 billion by the end of the fiscal year.

He also estimated a 2.6% growth in GDP and 24% inflation in the current fiscal year.

Government Commitment

The Finance Minister emphasized the government’s commitment to growth opportunities and stabilizing the economy.

He clarified that the IMF program is a collaborative effort to address Pakistan’s economic challenges.

The government has outlined measures to control inflation, manage deficits, and promote growth across all sectors.

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Reforms and Privatization

Aurangzeb reaffirmed the government’s commitment to reforms, including broadening the tax base and privatizing state-owned enterprises like Pakistan International Airlines and Islamabad Airport.

He encouraged collaboration between the federal government and provinces to enhance tax revenue and achieve sustainable economic growth.

A Step Towards Economic Stability

This development marks a significant step towards economic stability and growth in Pakistan.

The expected loan program with the IMF will help address economic challenges and promote sustainable development.

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