WASHINGTON \/ ISLAMABAD
\nWith the government set to enter into a fresh loan agreement with the Inter\u00adnational Monetary Fund (IMF), Minister for Finance Mohammad Aurangzeb on Friday called on Prime Minister Shehbaz Sharif and briefed him about his upcoming visit to the United States.
\nThe finance minister discussed with the prime minister his scheduled meetings with the IMF, World Bank and other institutions, the Prime Minis\u00adter\u2019s Office said in a statement.
\nFinance Minister Aurangzeb is due in Washington on Sunday (tomorrow) with a team of exp\u00aderts to attend the IMF and World Bank\u2019s spring meetings and initiate talks on a new package of around $6 billion to $8 billion.
\nThe main ministerial meetings and events will take place April 17-19 with other events and activities taking place during the week, April 15-20.
\nMr Aurangzeb and his team\u2019s schedule includes bilateral meetings with the heads of the IMF and the World Bank, as well as other senior officials of various international financial institutions. They will also hold bilateral meetings with the finance ministers of China, Saudi Arabia, UAE, Turkiye, and other friendly nations attending this annual event.
\nThey will also represent Pakistan at multilateral meetings and are expected to hold bilateral meetings with US officials, as the meetings are held in Washington.
\nMeanwhile, IMF Managing Director Kristalina Georgieva said on Thursday that Pakistan still needs to solve some \u201cvery important issues\u201d while acknowledging that the country is seeking a new loan arrangement from the lender.
\nThis marks her first public acknowledgement that Pakis\u00adtan is contemplating a potential follow-up programme with the Fund after completing its current $3bn stand-by arrangement (SBA) later this month.
\nIn their meeting, Mr Sharif and Mr Aurangzeb also deliberated over the country\u2019s overall economic situation.
\nThe prime minister has already said in many of his speeches in the recent past that the government have no option but to make another deal with IMF to seek a loan to stable the crippling economy of Pakistan. The agreement is likely to be inked by the end of the current calendar year. Last month, the finance minister expressed hope for reaching a staff-level agreement (SLA) with the IMF by the end of the fiscal year (June 30).
\nThe IMF is also expected to finalise the disbursement of the last tranche of $1.1bn from the existing arrangement during these meetings.
\nPakistan urged to address key issues
\nSpeaking at an event at the Atlantic Council, a Washington-based think tank, the IMF chief brought attention to the critical issues in Pakistan\u2019s economy that demand urgent resolution.
\n\u201cThere is a commitment to continue on this path, and the country is turning to the Fund for potentially having a follow-up programme,\u201d Ms Georgieva said, flagging issues that the country still needs to address.
\n\u201cThere are very important issues to be solved in Pakistan: the tax base, how the richer part of society contributes to the economy, the way public spending is being directed and of course, creating \u2026 a more transparent environment.\u201d
\nShe said Pakistan was successfully completing its existing programme with the IMF, and the economy was performing somewhat better, with reserves now being built up.
\nAgainst the backdrop of Pakistan\u2019s evolving economic landscape, the IMF chief\u2019s call to action indicates that the negotiations for a new arrangement could be long and arduous.
\nAs the finance minister said last month, the specifics of the deal would be discussed during the spring meetings. The minister\u2019s team includes the Secretary of Finance, the Secretary of Economic Affairs, and the State Bank governor.
\nPakistan is the fourth-largest debtor nation to the IMF, with a total outstanding debt of $7.72bn. In July 2023, the IMF approved a $3bn loan for the debt-laden country, immediately disbursing about $1.2bn to help with Pakistan\u2019s balance of payments crisis.
\nIf the country secures the new package, it would mark its 24th bailout arrangement with the IMF. The $6bn to $8bn loan would also be its largest to date.
\nEarlier this month, the IMF\u2019s Director of Communications, Julie Kozack, told reporters in Washington that Pakistan seemed interested in securing its largest loan facility with the IMF thus far. \u201cAnd, of course, we stand ready to engage in program discussions in the coming months,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON \/ ISLAMABAD With the government set to enter into a fresh loan agreement with the Inter\u00adnational Monetary Fund (IMF), Minister for Finance Mohammad Aurangzeb on Friday called on Prime Minister Shehbaz Sharif and briefed him about his upcoming visit to the United States. The finance minister discussed with the prime minister his scheduled meetings […]<\/p>\n","protected":false},"author":2,"featured_media":399934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-399919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n