ISLAMABAD: Pakistan and International Monetary Fund (IMF) have concluded talks on second review of the $3 billion Stand-By-Arrangement (SBA), sources in the finance ministry claimed.
However, both sides remained tight lipped till the filing of this news leading to fear that there might be some irritants. However, sources in the finance ministry dispelled the impression of any irritant in discussion. They further stated the IMF mission some time issues statement after returning to Washington and in response to a question about policy level discussion, they added that discussion on second review was mix of technical and policy level.
Finance Minister Muhammad Aurangzeb also attended the wrap up session of the talks on Tuesday, sources added.
Talks with IMF extended to today
Meanwhile, according to Finance Ministry US Ambassador to Pakistan, Donald Blome and Chinese Ambassador also met with Finance Minister Muhammad Aurangzeb.
Finance Minister shared with US ambassador about the new government preparedness to tackle the economic challenges and its determination to bring about macroeconomic stability in the country. He reiterated the government’s commitment to completing the ongoing IMF program and continuing the economic reform process initiated under the Extended Fund Facility (EFF) 2019 and Stand-By Arrangement (SBA) 2023, with a focus on achieving fiscal and debt sustainability, social protection, and rebuilding foreign exchange reserves.
While highlighting the priority areas for reforms, Aurangzeb outlined the government’s foremost priority of bringing reforms in the Federal Board of Revenue (FBR) to prevent revenue leakages through end-to-end digitization, enhancing the State-Owned Enterprise (SOE) reforms, strengthening social protection measures, improving public financial management, implementing energy sector reforms, removing distortionary subsidies, and fostering private sector-led economic growth.
Recognizing the United States as one of Pakistan’s largest trading partners and a significant source of foreign direct investment, Finance Minister expressed appreciation for the economic ties between the two nations.
Ambassador Blome congratulated government on positive step taken so far that resulted in visibly positive signs in the economy and hoped that it will help further stabilize the economy.
Concluding the meeting, both sides acknowledged the critical nature of the relationship between Pakistan and the United States and expressed the desire to continue enhancing bilateral relations between the two countries.
With Chinese Ambassador Jiang Zaidong Finance Minister discussed key matters pertaining to economic cooperation and bilateral relations between Pakistan and China. Minister for Finance particularly highlighted the roll-over of SAFE deposits and the refinancing of commercial loans, which have significantly contributed to Pakistan’s economic stability. He further emphasized the importance of the China-Pakistan Economic Corridor (CPEC) in Pakistan’s growth strategy and overall economic recovery. Both sides agreed to advance their collaboration in various sectors, including industrial zones, agriculture, mineral and mining, as well as renewable energy.
Copyright Business Recorder, 2024
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