Federal Minister for Finance and Revenue Muhammad Aurangzeb on Friday stressed the need for a new International Monetary Fund (IMF) programme, hoping for a staff-level agreement (SLA) by the end of next fiscal year, VOS News reported.
Addressing the business community at Gong Ceremony at Pakistan Stock Exchange (PSX) Karachi, the finance minister said that the government was going to hold a meeting with the International Monetary Fund (IMF) on April 14 and 15 in Washington.
He noted that features of the new programme will be discussed during the meeting, adding that there have not been any final discussions with the Fund yet.
Muhammad Aurangzeb noted that the country needs a new IMF programme that should last for at least three years. “We need the Extended Fund Facility (EFF) to execute the structural reform agenda,” he added.
The $3 billion standby arrangement with the IMF expires on April 11, and the two sides reached a staff-level agreement regarding the disbursal of the final tranche of $1.1bn last week.
Shedding light on the economic situation, the finance minister said that with significant improvements in key economic indicators the economy in year 2024 commenced on a better note.
