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Talks with IMF, other financial institutions remained positive, says Finance Minister Aurangzeb

Talks with IMF, other financial institutions remained positive, says Finance Minister Aurangzeb
April 20, 2024 Web Desk

WASHINGTON (92 News) - Federal Minister for Finance and Revenue Muhammad Aurangzeb has said that his talks with the International Monetary Fund (IMF) and other financial institutions has been positive.

Expressing his views during an interview on Friday, he hoped that the new debt programme would be soon signed with the IMF. "Pakistan is heading towards the reforms agenda for economic stability in the country," he added.

The minister said that the Pakistan government is taking steps to reduce inflation and expenditures. "We will broaden the tax net," he declared.

Meanwhile, Federal Minister for Finance Muhammad Aurangzeb met with Chinese Finance Minister Lan Fo'an in Washington DC. Both sides agreed on the need to continue their cooperation in the international institutions.

The minister conveyed condolences on behalf of the leadership and people of Pakistan on the terrorist attack against Chinese nationals in Pakistan and reaffirmed commitment to their safety and security.

He lauded Chinese invaluable contribution to Pakistan’s development as an 'all-weather friend' through initiatives such as China-Pakistan Economic Corridor (CPEC) and support at international financial institutions.

The minister informed that Phase-I of CPEC was about infrastructure-building and Phase-II would be about monetizing assets through operationalization of Special Economic Zones and relocation of Chinese Private-Owned Companies (POC).

He expressed the resolve of the government to accelerate Phase-II, thanking the Chinese government for SAFE deposits and their regular roll-overs to plug external financing gaps.

The minister informed that Pakistan was entering into a larger and extended programme with the IMF and looked forward to the support of China. He also briefed the envoy on priorities of the government including broadening the tax base, fixing the energy sector and overhauling the SOEs. He stated that Pakistan wanted to tap into the Chinese Bond Market and launch Panda Bond during FY 2025-26.