Federal Minister of Finance Muhammad Aurangzeb stated that he wants to make it clear that this is not the IMF's program but Pakistan's own program, with the IMF providing assistance.
During a press conference, Aurangzeb mentioned that discussions with the IMF were positive. He added that the federal government needs to undergo right-sizing and that Pakistan has shared its plan with the IMF.
He expressed gratitude to all four provincial chief ministers for their cooperation. The minister also emphasized the need for not only a "Charter of Economy" but also a "Charter of Environment" to address issues related to population and the environment immediately.
Aurangzeb further stated that everyone must contribute to increasing tax revenue, and all sectors must play their part in improving the economy.
IMF Surprised by Pakistan's Economic Recovery in 14 Months
Federal Minister of Finance Muhammad Aurangzeb revealed that the government discussed its reform agenda with the International Monetary Fund (IMF), adding that the IMF was surprised by how Pakistan's economy stabilized within 14 months.
Speaking at a news conference, the finance minister highlighted continuous engagement with the IMF and other financial institutions. He noted that detailed discussions were held with stakeholders, including the Asian Development Bank, World Bank, and IMF, during his visit to the U.S.
Aurangzeb also mentioned in-depth dialogues with finance ministers from Saudi Arabia, UAE, China, Turkey, and the UK. He held positive discussions with rating agencies such as Moody’s and Fitch, accompanied by the Governor of the State Bank and the Secretary of Finance.
He reiterated that this is Pakistan’s program, with the IMF only offering support. The IMF was reportedly astonished at the swift economic recovery, he said.
The minister explained that talks with the IMF delegation were fruitful, focusing on the government’s reform agenda. He emphasized that the economy is heading in the right direction due to government measures, and goals for economic improvement will be achieved while continuing reforms across all sectors. However, he assured that no action against the country’s interests would be taken.
Aurangzeb highlighted that inflation has significantly dropped from 38% to 7%, leading to a reduction in the policy rate from 22% to 15%. These outcomes, he said, have boosted financial institutions’ confidence in Pakistan.
He concluded by stating that stakeholders are recognizing Pakistan’s achievement of macroeconomic stability and urged further progress. The Prime Minister will soon present an economic roadmap to the public, he added.
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