Pakistan minister says talks ‘progressing positively’ with IMF on second review of $3 billion program

In this handout photograph released by Pakistan’s Press Information Department (PID) and taken on March 14, 2024, Pakistan’s Finance Minister Muhammad Aurangzeb (2L) speaks with International Monetary Fund (IMF) Mission Chief for Pakistan Nathan Porter (2R) during a meeting in Islamabad. (PID)

• An IMF mission is in Pakistan reviewing quarterly performance of country’s economic indicators under the program
• Pakistan secured the $3 billion bailout program in June last year after it narrowly escaped a sovereign debt default

ISLAMABAD: Pakistan’s negotiations with the International Monetary Fund (IMF) on the ongoing $3 billion bailout program have been “progressing positively,” Pakistani state media reported on Friday, citing the country’s information minister.
An IMF mission to Pakistan is currently reviewing the quarterly performance of the country’s economic indicators under the $3 billion bailout program, with majority of Pakistani analysts optimistic about a smooth review process.
The successful completion of the program will pave the way for the disbursement of the remaining $1.1 billion and will provide an opportunity to lay the groundwork for a new and extended program from the global lender.
“Pakistan will move forward on the path of development and witness growth,” Information Minister Attaullah Tarar was quoted as saying by the state-run Radio Pakistan broadcaster. “Decisions of this government will yield positive results.”
Pakistan secured the $3 billion IMF program in last June after it narrowly escaped a sovereign default. Its debt-ridden economy has been under extreme stress with low reserves, a balance of payment crisis, inflation at 23 percent, policy interest rates at 22 percent and record local currency depreciation.
Tarar said Finance Minister Muhammad Aurangzeb had a clarity and “full grip” on the economic matters and he wanted early resolution of the problems.
“It is the vision of the prime minister to work tirelessly to steer the country out of challenges,” the information minister said.
“The prime minister has given a comprehensive agenda for economic reforms which envisages restructuring of FBR and enhancing the tax collection as well as reducing the government expenditures.”