Pakistan eyes fresh IMF Loan as previous agreement wraps up: Aurangzeb

MG News | April 22, 2024 at 01:13 PM GMT+05:00

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April 22, 2024 (MLN): As the Staff Level Agreement (SLA) worth $3 billion, signed on June 30, 2023, has concluded, Pakistan is on track to secure a new loan from the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb stated during an interview with a news channel.

He commended the IMF's support, stating that the global lender has been very receptive in agreeing to consider a larger and longer program.

"Pakistan would need at least three years of support to carry out a reform agenda across several sectors including taxation and energy," he added.

He further highlighted that macroeconomic factors are shifting in Pakistan's favor as it works to boost its lagging economy.

Regarding the performance of the Pakistani Rupee (PKR), he said that the domestic currency has stabilized and the inflation is on track to drop to single-digit levels by the end of next year.

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