The five-day talks between Pakistan and the International Monetary Fund (IMF), which began on Nov 11, concluded today with Pakistan reiterating its commitment to strictly follow the conditions of the ongoing bailout programme.
Sources said that the technical talks featured Pakistan’s economic team headed by Finance Minister Muhammad Aurangzeb and the IMF delegation led by mission chief Nathan Porter.
The IMF team, the sources said, stressed the need to implement tax targets and the National Fiscal Pact.
They added that the IMF delegation is set to visit Pakistan in February or March 2025 for the first economic assessment under the $7 billion bailout package. During this visit, Pakistan will engage in review negotiations for the disbursement of the second tranche worth $1.1 billion.
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In July 2024, Pakistan successfully secured the first tranche of over $1 billion under the programme, aimed at stabilizing its fragile economy and addressing fiscal imbalances.
On the fourth consecutive day of the negotiations between Pakistan and the IMF, Pakistan’s economic team expressing optimism regarding the discussions. Minister of State for Finance Ali Pervaiz Malik, in an exclusive conversation with Samaa TV, stated that talks are moving in a positive direction.
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Highlighting improvements in Pakistan's economic conditions, Malik noted substantial progress over the past six months to a year. He emphasized that Pakistan’s current economic situation has seen significant enhancement, with a reduced current account deficit of only $100 million in the first quarter, a reflection of the government’s strategy to increase remittances and boost exports.
Malik shared that discussions with the IMF are primarily focused on external financing, and while there have been speculations about a potential mini-budget or an increase in the petroleum levy, he clarified that these are currently premature considerations.
The minister of state also assured that economic stability is taking root as a result of policies coordinated with the IMF. He reiterated the government’s dedication to sustainable development, led by the prime minister’s economic team. "Our aim is to achieve lasting growth, and we remain hopeful for a constructive outcome from the ongoing IMF negotiations," Malik said.
