Pakistan Finance Minister Aurangzeb says new IMF deal will help country’s macroeconomic stability | World News

Islamabad’s Finance Minister Muhammad Aurangzeb said on Saturday that a $7 billion aid deal with the IMF would help bring macroeconomic stability to the financially strapped country.

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The International Monetary Fund announced the aid package, spread over more than three years, late Friday, providing much-needed relief to the nation that has been struggling with chronic economic problems.

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The program needs to be approved by the IMF’s Executive Board. The Washington-based international lender said in a statement that the deal should allow Pakistan to “consolidate macroeconomic stability and create conditions for stronger, more inclusive and resilient growth.”

The latest rescue package follows a government commitment to implement reforms, including a major effort to broaden the country’s tax base, the Dawn newspaper reported on Saturday.

Aurangzeb said he would help Pakistan achieve macroeconomic stability.

“We need to ensure structural reforms and bring self-sustainability in the areas of public finance, energy and state institutions,” the finance minister told Geo News.

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Pakistan’s economy has faced several challenges in recent years, from the COVID-19 pandemic, the fallout from the war in Ukraine and supply disruptions that fuelled inflation, as well as devastating floods that affected a third of the country in 2022, Dawn said.

Pakistan has found itself in a debt crisis with its foreign currency reserves dwindling and has been forced to turn to the international lender for its first emergency loan in 2023.

The IMF statement said: “Building on the economic stability achieved under the 2023 Stand-by Arrangement, IMF staff and the Pakistani authorities reached a staff-level agreement on a 37-month Extended Financing Facility Arrangement of approximately $7 billion.”

The Washington-based lender said the new program aims to support authorities’ efforts to consolidate macroeconomic stability and create conditions for stronger, more inclusive and resilient growth in the cash-strapped country.

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The IMF also stated that continued strong financial support from Pakistan’s bilateral and development partners would be critical for the program to achieve its objectives.

This article was generated from an automated news agency feed, with no modifications to the text.

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