Finance minister says, ‘Heading for big program with IMF’

Karachi: Federal Finance Minister Muhammad Aurangzeb Friday said: “We are heading towards a big program with International Monetary Fund (IMF)”.

Addressing the ceremony at the Stock Exchange in Karachi, the Federal Finance Minister stated that there will be talks with the IMF on April 14 and 15. There will be a meeting with the IMF officials in Washington soon. They will continue microeconomic stability with the IMF.

He added that thanks to better economic policies, the economy will be stable soon. The caretaker government also took the best steps to improve the economy, the staff level agreement with the IMF is important for economic stability.

Muhammad Aurangzeb continued to say, ‘The stock market has an important role in the improvement of the economy, looking at the situation, it seems that the stock market is going in the right direction. There is growth, good production of rice and wheat’.

He further said that they are working fast for reforms in Federal Bureau of Revenue (FBR). The tax leakages have to be stopped in FBR, the revenue cases of Rs1.07 trillion are pending, efforts will be made to decide on them. Whether the results of the case do not go in favor of the FBR, but there should be a solution to the problem. There is a need for reforms in the energy sector as well.

The federal minister further stated that thanks to better economic policies, the economy will be stabilized soon, all these achievements are the Stand By Agreement (SBA) of Shehbaz Sharif's previous era, the inflation rate has decreased, the exchange rate is also stable.

Muhammad Aurangzeb further added that they are working to outsource the airports and privatization of Pakistan International Airlines (PIA). Aleem Khan cannot do the privatization program alone, other ministries also have to work together, the work on the privatization of PIA has started. It is not government's job to do business.

Earlier, Federal Finance Minister Muhammad Aurangzeb attended the gong ceremony of Pakistan Stock Exchange and opened the business by ringing the traditional bell gong, Chinese director PSX Yuheng delivered the welcome speech in the ceremony.

On this occasion, Chairman Pakistan Stock Exchange Dr. Shamshad Akhtar while speaking through video link said that good steps are being taken for the improvement of the stock market.

She added that the banking sector is performing better in the stock market, we are considering serious agreements with the banking sector that will provide new opportunities to investors. The World Bank has indicated to work in the energy sector.

Dr. Shamshad Akhtar further said that we have to strengthen the linkages in the banking sector and capital market, the revenue system needs to be digitized.