“Pakistan – 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility” is on the Executive Board of the Fund’s calendar, which is accessible on the Fund’s website.
It is expected that the program would be approved by the IMF board during today’s meeting, according to Finance Minister Muhammad Aurangzeb.
A positive statement from the finance minister indicated that investor confidence is increasing and the policy rate has been decreased. The fact that government initiatives are assisting in lowering inflation was another point he stated.
“There has been a decline in both inflation and interest rates,” stated Finance Minister Aurangzeb, who also mentioned that Pakistan will soon start hosting the second phase of the China-Pakistan Economic Corridor (“CPEC”).
The monetization of this infrastructure will be given priority in the second phase of CPEC, he clarified, since the first phase concentrated on infrastructure development. Strong groundwork for economic stability has been established, according to the minister, and the private sector could spearhead the nation’s economic expansion.
The current account situation was deemed highly positive by Pakistan’s finance minister, who also mentioned the $75 million surplus that was reached in August. It was his hope that the current account situation would remain favourable due to declining oil prices, a weaker currency, and an aggressive rate drop that had already lowered interest rates by 450 basis points.
