Karachi: Finance Minister Muhammad Aurangzeb has expressed hope that Pakistan will agree on a $1.2 billion staff-level agreement with the IMF this week, which will be an important step towards stabilizing the country’s economy.
In an interview given to a foreign news agency, the Finance Minister said that constructive and positive talks are underway with the IMF mission. He said that the talks are moving in a positive direction and consensus is also expected regarding the $7 billion extension fund and the $1.4 billion resilience fund.
Muhammad Aurangzeb said that the IMF program has supported Pakistan’s $370 billion economy, which is now moving towards stability after challenges such as inflation, currency depreciation and financial crisis.
He added that Pakistan will issue its first Green Panda bond before the end of this year to promote foreign investment. Similarly, international bonds worth at least $1 billion are expected next year, with all options of Eurobonds, Sukuk or dollar bonds under consideration.
The Finance Minister said that the government’s privatization program will move forward rapidly in the next fiscal year. In this regard, significant progress has been made on the sale of PIA and three power distribution companies.
He said that five investment groups have expressed interest in the privatization of PIA, while the resumption of flights to Europe and the UK has further increased investor confidence.
According to the Finance Minister, the privatization of PIA will be the largest sale in Pakistan in two decades, demonstrating the government’s commitment to economic reforms and transparency.
