Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan has no intention of seeking new financing from other friendly countries after Saudi Arabia.
Speaking to the media in Islamabad, the federal minister said consultations for the next fiscal year’s budget were under way, adding that an International Monetary Fund (IMF) delegation would visit Pakistan in mid-May. He expressed confidence that a tranche of $1.2 billion from the IMF would be received next month.
He said the government was making efforts to secure commercial financing and that Pakistan was shifting from bilateral to commercial avenues.
Aurangzeb said a Panda bond worth $250 million would be issued in May, adding that further Euro and Sukuk bonds were expected over the next two to three years. He said the Asian Development Bank and the Asian Infrastructure Investment Bank had provided guarantees for the Panda bond, while discussions with Chinese authorities were in the final stage.
Referring to the Middle East conflict, he said energy infrastructure had been affected, but added that there was no issue of fertiliser or food security in Pakistan despite regional tensions. He said remittances had not been impacted by the conflict, nor had there been any adverse effect from the European Union.
Aurangzeb said the Ministry of Finance has placed economic growth between 3.7 per cent and 4.5 per cent. He said a delegation of the International Monetary Fund will visit Pakistan in mid-May.
Referring to digital asset accounts, the minister said the number of account holders in Pakistan has reached 40 million. He said Pakistan now stands seventh in terms of digital account holders.
He also said remittances from the United Arab Emirates have not faced any negative impact.
Separately, addressing the European Union Business Forum in Islamabad, the minister said loans would be provided for farmers and for the construction of low-cost housing, with Prime Minister Shehbaz Sharif to make a formal announcement.
He said Pakistan had returned to the international market with a Eurobond after four years and noted that Fitch had maintained the country’s rating. He described the current situation as the most severe crisis since the coronavirus pandemic.
FinMin Aurangzeb said the country was moving towards stability. On petroleum prices, he said Prime Minister Shehbaz Sharif was striving to maintain balance in this regard.
He said several measures, including targeted subsidies, had been taken to address the energy crisis. He added that the continuation of the ceasefire in the Middle East was a positive development which could provide an opportunity for peace efforts.
