Aurangzeb gives credit to joint efforts

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb acknowledged the strong cooperation of federal ministries, government bodies, county offices, senior secretaries and provincial governments in advancing the government’s structural reform agenda that contributed to the successful completion of the IMF’s second review under the Extended Fund Facility (EFF).

Opening a meeting of the Economic Coordination Committee (ECC) on Tuesday, the minister noted that this collective commitment and disciplined implementation had been central to strengthening Pakistan’s economic management and stability. He welcomed the IMF Executive Board’s announcement yesterday confirming completion of the second EFF review, which allows Pakistan to draw about US$1 billion, and the first review under the Resilience and Sustainability Facility (RSF), enabling an additional USD200 million. He highlighted the IMF’s acknowledgment that Pakistan’s strong program implementation, despite the recent devastating floods, had maintained stability and improved financing and external conditions.

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Referring to the latest assessment, Senator Aurangzeb noted that the IMF had specifically recognized Pakistan’s resilience during the flood emergency, underscoring that the country did not need to make an immediate appeal for rescue and relief support.

He attributed this outcome to the fiscal and external buffers preserved by the government, which enabled Pakistan to absorb the shock and manage the crisis effectively. He reiterated the Ministry of Finance’s gratitude for the support received across federal and provincial institutions, stressing that this coordinated effort will help consolidate progress toward economic stability.

He added that the IMF’s assessment again affirmed Pakistan’s ability to withstand the flood crisis without requiring urgent international assistance - a reflection of the country’s strengthened financial and external position - and described this acknowledgment as a significant milestone at a time when IMF disbursements totaling approximately USD1.3 billion have been approved under the EFF and RSF arrangements.

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