ADD ANI AS A TRUSTED SOURCE
googleads
ANI Logo
Menu
Asia

Pak: Finance minister expresses confidence in securing extended IMF loan programme

Pakistan Finance Minister Muhammad Aurangzeb expressed confidence that the country would secure an extended loan programme with the International Monetary Fund (IMF), adding that it could contribute to macroeconomic stability, reported Dawn.

ANI Jul 01, 2024 04:41 IST googleads

Representative Image

Islamabad [Pakistan], July 1 (ANI): Pakistan Finance Minister Muhammad Aurangzeb expressed confidence that the country would secure an extended loan programme with the International Monetary Fund (IMF), adding that it could contribute to macroeconomic stability, reported Dawn.
While 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.
Pakistan President Asif Zardari on Sunday gave assent to the government's tax-heavy Finance Bill 2024 for the new fiscal year, Dawn reported.
The government presented the budget two weeks ago, drawing sharp criticism from opposition parties, especially the Pakistan Tehreek-e-Insaf (PTI), as well as coalition ally Pakistan Peoples Party (PPP).
Earlier 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.
During the NA session, opposition lawmakers, particularly from the PTI, criticised the budget, asserting that it was now an open secret that the document was dictated by the International Monetary Fund (IMF).
The leader of the opposition Omar Ayub Khan denounced the budget as "economic terrorism against the people".
However, Pakistan is in talks with the IMF for a loan of USD 6 billion to USD 8 billion, according to Dawn.
Aurangzeb, in his press conference, stressed the importance of macro stability, especially considering Pakistan's reliance on loans.
"If we cannot repatriate an investor's dividends, it will make asking for additional investment difficult," he said.
The finance minister highlighted that Pakistan has received USD 1.4 billion in foreign investment, with USD 1 billion from the World Bank for the Dassu hydroelectric project and USD 400 million from an international financial institution (IFI) to finance the acquisition process for Pakistan Telecommunications Ltd.
He also said that a condition of the IMF programme was to end tax exemptions on certain sectors of industry, reported Dawn.
"They are clear that the Rs 3.9tr worth of exemptions need to end." He added that the government has not given new exemptions, but only extended existing ones.
According to Dawn, Aurangzeb added that the government was having virtual discussions towards achieving a staff-level agreement.
"There are prior actions, then structural benchmarks," he explained. "Trust us, we will get this done, maybe in July." (ANI)

Get the App

What to Read Next

Europe

Blasphemy laws in Pakistan target religious minorities: GHRD

Blasphemy laws in Pakistan target religious minorities: GHRD

At the 61st session of the United Nations Human Rights Council, the organisation Global Human Rights Defence (GHRD) raised concerns over the continued misuse of blasphemy laws in Pakistan and their impact on religious minorities.

Read More
Europe

ECO FAWN Society raises Pahalgam terror attack at UN Human Rights

ECO FAWN Society raises Pahalgam terror attack at UN Human Rights

At the 61st session of the United Nations Human Rights Council (UNHRC), Yasser Laaroussi, from the ECO FAWN Society, during General Debate under Item 3, in his oral statement, highlighted the terrorist attack that took place in Pahalgam on April 22, 2025. He urged the international community to intensify efforts to combat terrorism and ensure accountability for attacks targeting civilians

Read More
US

Brazil’s Silveira rules out fuel shortages, slams speculation

Brazil’s Silveira rules out fuel shortages, slams speculation

Speaking to journalists, Silveira said the country's fuel supply remains stable and the government is closely monitoring developments in the international oil market as well as domestic price movements.

Read More
Asia

MEA rejects Pakistan’s statement on India-Canada deal

MEA rejects Pakistan’s statement on India-Canada deal

"We reject this statement made by Pakistan on the matter. India's credentials regarding non-proliferation are impeccable and well recognised by the global community. A country with a well-documented history of clandestine nuclear proliferation can hardly preach the virtues of export controls and proliferation risks. Such ludicrous statements are nothing more than an attempt by Pakistan to distract from its own abysmal record," he said.

Read More
Asia

India rejects Pakistan's "baseless allegations"

India rejects Pakistan's

India on Thursday rejected Pakistan's allegations of aggravating skirmishes with Afghanistan, calling them "baseless" and accusing Pakistan of blaming others for its own misdeeds.

Read More
Asia

Policy delays leave Pakistan short of critical medicines

Policy delays leave Pakistan short of critical medicines

Pakistan faces a severe shortage of life-saving medicines, including cancer drugs and vaccines, due to government delays in notifying official prices. While global supply remains stable, regulatory hurdles have stalled legal imports, raising concerns over patient survival and the potential rise of unregulated, counterfeit medicines.

Read More
Europe

"Act of terrorism": Russia slams Mediterranean drone attack

Russian Foreign Ministry Spokesperson Maria Zakharova condemned a drone strike on the commercial vessel Arctic Metagaz in the Mediterranean. Calling it "a terrorist attack & a war crime," she detailed the crew's rescue after a gas explosion, criticised Malta's refusal to assist the injured, and denounced the European silence.

Read More
Asia

Pakistan’s outdated mandi system stifles agricultural innovation

Pakistan’s outdated mandi system stifles agricultural innovation

Pakistan's fruit and vegetable supply remains dominated by traditional middlemen and the "mandi" system, with digital platforms handling only 2-3% of trade. Restrictive provincial laws and lack of infrastructure force farmers into dependency on commission agents, stalling modern technological transformation in the agricultural sector.

Read More
Asia

Hardships grow as Pakistan tightens its grip in Balochistan 

Hardships grow as Pakistan tightens its grip in Balochistan 

Residents in Balochistan's Zehri and Surab regions are facing a severe humanitarian crisis due to a four-day curfew and military operations. The Baloch Yakjehti Committee reported acute food shortages, blocked healthcare access, and alleged house raids by security forces, urging international bodies to investigate these fundamental rights violations.

Read More
Middle East

Iran warns of attack on ports in West Asia

Iran warns of attack on ports in West Asia

IRIB Quoted the official as saying, "If any attack is carried out against Iran's economic ports, all docks, ports, and economic zones across West Asia will be destroyed."

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.