Islamabad
\nMian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, today expressed cautious optimism following the announcement of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF).
\nThe agreement, which concludes the second review of the Extended Fund Facility (EFF) and the first review of the Resilience and Sustainability Facility (RSF), is set to unlock a combined $1.2 billion installment.
\nIn a statement, Mian Zahid Hussain, congratulated the finance minister Mohammed Aurangzeb Khan and his economic team on securing the deal successfully. \u201cThis SLA is a testament to the difficult stabilization measures Pakistan has undertaken. The disbursement, comprising $1.0 billion from the EFF and $200 million from the RSF, is not just a financial injection; it is a critical signal of confidence to international markets and bilateral partners,\u201d he said.
\nHussain noted the positive macroeconomic indicators acknowledged by IMF, including the strengthening of external buffers, which have seen SBP\u2019s foreign exchange reserves climb to $14.44 billion. He also pointed to the Fund\u2019s recognition of a fiscal primary balance that is \u201csurpassing program targets\u201d and a current account that recorded its first surplus in 14 years during FY25, as key achievements.
\nHowever, Mian Zahid Hussain warned that this hard-won stability remains fragile and the SLA is not the finish line, but the start of a more difficult phase. \u201cThe business community understands that this agreement is contingent on a new set of stringent commitments. The government\u2019s resolve to meet the FY26 budget primary surplus target of 1.6 percent of GDP will be severely tested,\u201d stated Hussain. \u201cThis requires a monumental effort in revenue mobilization, and it must be achieved by broadening the tax base, not by further harassing existing taxpayers.\u201d
\nMian Zahid Hussain highlighted the persistent challenges in the energy sector, noting the IMF\u2019s continued emphasis on \u201ctimely tariff adjustments.\u201d He stressed, \u201cWhile cost recovery is necessary, it is not a sustainable solution. The circular debt can only be permanently resolved through a deep and decisive reform of our power distribution companies (DISCOs) and to privatize loss-making State-Owned Enterprises (SOEs) that drain the exchequer.\u201d
\nHe also pointed to the latest trade figures as a cause for concern. \u201cWhile the current account has seen a surplus, the trade deficit for September 2025 alone stood at $3.4 billion, with imports of $5.9 billion far outpacing exports of $2.5 billion. This indicates that our stability is still built more on import compression than on a genuine, export-led boom.\u201d
\n\u201cThe government must use the breathing room provided by this $1.2 billion tranche to make the tough, structural decisions we have delayed for decades. This is the moment to accelerate the privatization agenda and implement reforms that enhance productivity and global competitiveness, he concluded\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, today expressed cautious optimism following the announcement of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF). The agreement, which concludes the second […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-509305","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n