Federal Finance Minister Mohammad Aurangzeb revealed on Thursday ongoing negotiations with the International Monetary Fund (IMF) for additional loans, highlighting their intended focus on advancing economic reforms.
In a statement released by the Ministry of Finance, Minister Aurangzeb discussed the successful completion of a 9-month loan program with the IMF and disclosed ongoing talks for a new medium-term program.
He underscored Pakistan's foreign exchange reserves standing at $9.4billion, robust stock market performance, and a notable decline in inflation to 12.6% as of June 2024.
Moreover, Aurangzeb highlighted positive economic indicators such as a 7.7% increase in remittances compared to the previous year and a substantial 30% rise in tax revenue during the fiscal year 2023-24.
Discussions during a meeting with Standard & Poor's delegation also centred on reforms in the energy sector and the privatization of state-owned enterprises, both of which received a commendation from the global rating agency.
The FinMin reiterated Pakistan's commitment to economic stability and growth through strategic reforms, reflecting optimism amidst ongoing discussions with international financial institutions.
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