Finance Minister Muhammad Aurangzeb expects to reach a Staff-Level Agreement on a bigger loan program with the International Monetary Fund (IMF) by June-July 2024.

He said this during the 7th Leaders In Islamabad Business Summit on Tuesday. The minister also projected foreign exchange reserves held by the State Bank of Pakistan will reach $9-10 billion by the end of the fiscal year.

Aurangzeb emphasized the government’s commitment to growth opportunities and its focus on stabilizing the economy. He addressed misconceptions regarding the IMF program and termed it as a collaborative effort to address Pakistan’s economic challenges.

Finance Minister said GDP is estimated to grow by 2.6 percent while inflation will be at 24 percent in the current fiscal year. He outlined measures by the federal government to control inflation, manage current account and fiscal deficits, and promote growth across all sectors.

Aurangzeb reaffirmed the government’s commitment to reforms, including efforts to broaden the tax bas
e and privatize state-owned enterprises like Pakistan International Airlines and Islamabad Airport.

He further encouraged collaboration between the federal government and provinces to enhance tax revenue and achieve sustainable economic growth.

Source: Pro Pakistani