Pakistan expects $1.2bn IMF tranche by Dec 31; Islamabad, Washington to finalise trade deal within two weeks
\n Islamabad
\nFinance Minister Muhammad Aurangzeb has said that the International Monetary Fund (IMF) cannot impose any condition that goes against Pakistan\u2019s national interest, stressing that all ongoing economic reforms are guided by the country\u2019s own priorities.
\n\u201cThe IMF cannot put any condition that goes against Pakistan\u2019s national interest,\u201d said Aurangzeb while addressing a press conference in Washington, where he was accompanied by other senior officials.
\nFinance czar said that the reforms introduced under the IMF programme had played a vital role in stabilising Pakistan\u2019s economy. \u201c[The] steps we took under the IMF arrangement have strengthened the economy and built confidence,\u201d he said.
\nThe finance minister added that Pakistan expects to receive the next IMF tranche of $1.2 billion by December 31, noting that the IMF Executive Board is expected to approve the agreement soon. \u201cWe anticipate the board\u2019s approval shortly, which will pave the way for the disbursement,\u201d he stated.
\nHe further said that a trade and tariff agreement with US was expected within the next two weeks. Discussing Pakistan\u2019s privatisation plans, Aurangzeb confirmed that the government was close to a decision on the privatisation of New York\u2019s Roosevelt Hotel.
\nMeanwhile, Aurangzeb, on the sixth and final day of his visit to the US, continued his engagements and witnessed the signing of a swap agreement between the State Bank of Pakistan (SBP) and the International Finance Corporation (IFC).
\nThe signing took place during his meeting with IFC Managing Director Makhtar Diop on the sidelines of the IMF\u2013World Bank Annual Meetings in Washington, DC.
\nThe finance minister hailed IFC\u2019s recent reorganisation, which has designated Pakistan as a regional hub, calling it a strong vote of confidence in the country\u2019s rising economic potential. He also reaffirmed the government\u2019s commitment to strengthening its partnership with the IFC across key development and financial sectors.
\nHighlighting progress on the Reko Diq project, Senator Aurangzeb expressed optimism about the EXIM Bank\u2019s participation in the near future.
\nHe further appreciated IFC\u2019s continued support for subnational finance and Digital Payment Rights (DPR) initiatives, as well as its advisory role in sectors such as pharmaceuticals, electric vehicles, and commodity exchanges.
\nThe FinMin also welcomed Diop\u2019s upcoming visit to Pakistan around the Spring Meetings, expressing confidence that it would further strengthen Pakistan\u2013IFC collaboration.
\nMeanwhile, Aurangzeb also participated in the 15th V20 Ministerial Dialogue on \u201cCost of Capital, Debt & Growth Pathways.\u201d
\nIn his address, he highlighted the increasing frequency and intensity of devastating floods in Pakistan, emphasising that the Government continues to fund rescue and relief operations from its own resources.
\nHe appreciated the support extended by the CVF\u2013V20 Secretariat in assisting Pakistan with the preparation of its Climate Prosperity Plan (CPP), and informed that financing is being made available under the Country Partnership Framework (CPF) to operationalise the plan.
\nSenator Aurangzeb also underscored the need to operationalise the Loss and Damage Fund and called for fast-tracking decision-making processes at the Green Climate Fund (GCF) to ensure timely and effective climate action for vulnerable countries.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan expects $1.2bn IMF tranche by Dec 31; Islamabad, Washington to finalise trade deal within two weeks Islamabad Finance Minister Muhammad Aurangzeb has said that the International Monetary Fund (IMF) cannot impose any condition that goes against Pakistan\u2019s national interest, stressing that all ongoing economic reforms are guided by the country\u2019s own priorities. \u201cThe IMF […]<\/p>\n","protected":false},"author":2,"featured_media":509172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-509623","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n