Finance Minister Aurangzeb confident of securing extended IMF programme

Finance Minister Muhammad Aurangzeb on Sunday expressed confidence that Pakistan would secure an extended loan programme with the International Monetary Fund (IMF), adding that agreements with the Fund can contribute to macroeconomic stability. Addressing a press conference in Islamabad at the end of the fiscal year 2023-24, the finance minister stressed his and Prime Minister Shehbaz Sharif’s hopes that the upcoming IMF programme would be the country’s last. “From my perspective, the prime minister agrees that this will be the last IMF program. This is my hope,” he said. President Asif Zardari on Sunday gave assent to the government’s tax-heavy Finance Bill 2024 for the new fiscal year. The government had presented the budget two weeks ago, drawing sharp criticism from opposition parties, especially the PTI, as well as coalition ally PPP. On Friday, the government extended exemptions in specific sectors while announcing new tax measures in several areas to generate additional revenue in the coming fiscal year to meet the International Monetary Fund’s criteria.