Current financial year will be difficult, IMF program is inevitable, Mohammad Aurangzeb
Pakistan will soon make a formal request to the IMF for important talks
Staff-level negotiations are expected to begin this week
There will be no discussion or waste of time, only determination to execute with determination, Federal Finance Minister
Finance Minister Muhammad and Nagzeb will visit America from April 15 to 20
Finance Minister will attend the annual ministerial meeting of IMF and World Bank in Washington, sources
ISLAMABAD ( Web News)
Federal Finance Minister Muhammad Aurangzeb has termed the IMF program as inevitable and said that the current financial year will be difficult, Pakistan will soon make a formal request to the IMF for important negotiations, any discussion or waste of time. It will not happen, there is only determination to execute with perseverance. In a statement, Finance Minister Muhammad Aurangzeb said that it is expected that the staff-level talks will start this week as going into the IMF program is inevitable. The finance minister said that he will use all his energy to solve the problems faced by Pakistan. There will be no debate or waste of time, just determination to execute with determination. Speaking to a private TV channel, Mohammad Aurangzeb expressed his determination to continue implementing all the policies formulated by the caretaker government. He said that I would definitely appreciate the policy initiatives of the caretaker government, which have helped in improving the economic indicators. He added that Pakistan would continue its discussions with IMF officials to secure the final installment of the soon-to-expire $3 billion loan package. He credited the successful negotiation of the agreement to Prime Minister Shahbaz Sharif, who played his role in securing the agreement during the previous Pakistan Democratic Movement (PDM) government. Mohammad Aurangzeb said that the present economic scenario would have been markedly different if the agreement had not been reached. Talking about the need for a new deal with the IMF, Mohammad Aurangzeb revealed that his team at least It is ready to start negotiations for a new 3-year arrangement to secure a substantial loan worth $6 billion. He said that while the exact amount of the package is yet to be determined, there will be no delay in starting negotiations for this new agreement with the IMF. Mohammad Aurangzeb also emphasized the need for a clear and decisive plan for privatization as per the instructions of the Prime Minister. “We are left with no option but to implement a robust privatization plan, the only viable strategy to create some fiscal stability,” he said. The finance minister assured that his economic team will not only take steps to reduce government expenditure but also increase revenue collection. Talking about the Federal Board of Revenue (FBR), the Finance Minister admitted that he was unaware of the caretaker government’s reform initiatives. He said that I have not been briefed on this but whatever the reforms are, they should ultimately increase revenue collection. He also praised the Special Investment Facilitation Council (SIFC) and expressed confidence that it would help in the implementation of economic policies. Talking about the exchange rate and policy rate, Mohammad Aurangzeb admitted that these matters mainly fall under the purview of the State Bank of Pakistan but there is no restriction on discussing these important economic indicators with the State Bank. . Citing the example of the United States, where the Treasury and the Federal Reserve interact to formulate economic policy despite having different mandates, he suggested that a similar approach be adopted between the Treasury Department and the State Bank in their respective domains. can go. “I foresee further stabilization in the exchange rate due to continued improvement in economic indicators and am optimistic about an improvement in the policy rate in the coming months,” the finance minister said. In response to a question about inflation, he said that the implementation of effective policy measures is expected to reduce the pressure of inflation. In response to another question, he said that new faces will be added to my finance team, but he did not reveal the names of these new faces. Finance Minister Muhammad and Nagzeb will visit America from April 15 to 20. Sources say that the finance minister will attend the annual ministerial meeting of the IMF and the World Bank in Washington, the ministerial meetings are scheduled from April 17 to 19, Muhammad Aurangzeb will lead the Pakistani delegation in the meetings. Finance Minister will be accompanied by State Bank Governor, Finance Secretary and senior officials.
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Appointment of Mohammad Aurangzeb as Finance Minister is a positive decision, Bloomberg
Investors were interested in the appointment of the new finance minister of Pakistan
The role of the Finance Minister will be key in the negotiations with the IMF
Muhammad Aurangzeb would do whatever was necessary to bring about reforms, reports said
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Washington (Sabah News) The American magazine Bloomberg has said in its report that the appointment of former JP Morgan banker Muhammad Aurangzeb as Pakistan’s finance minister is a positive decision. According to the report, the appointment of Mohammad Aurangzeb before the new IMF program is a positive step, investors were interested in the appointment of the new finance minister of Pakistan. The Bloomberg report states that the appointment of a technocrat as finance minister will help Pakistan address the challenges facing the country, and the role of the finance minister in negotiations with the IMF will be key. The report says that Muhammad Aurangzeb will do whatever it takes to bring about reforms, with his past showing that he wants to tax real estate and retailers to broaden the tax base.