Talks begin with IMF on new bailout
Pakistan and the International Monetary Fund (IMF) on Monday kick-started negotiations on 24th ‘longer and larger’ bailout programme, starting with an anticipated upfront fiscal adjustment of more than Rs1.6 trillion (1.5pc of GDP) in the upcoming budget. Pakistani side, led by Finance Minister Muhammad Aurangzeb comprised Governor State Bank of Pakistan Jameel Ahmed, Chairman Federal Board of Revenue Amjed Zubair Tiwana and their respective teams while IMF mission chief to Pakistan Nathan Porter led the visiting side. “The finance minister welcomed the IMF team and thanked them for the successful completion of the Stand-By Arrangement (SBA),” said a statement issued by the Ministry of Finance. He also updated the IMF team about “the improvement in the macroeconomic indicators over the course of the SBA and underscored the government’s commitment to continue with and expand upon the reform agenda”.