Current IMF program will be last: Federal Finance Minister

Federal Finance Minister Muhammad Aurangzeb stated that an agreement has been reached with the IMF, and the current program will be the last one. To join the G20, the economy needs to be documented.

Speaking at a press conference in Islamabad, the finance minister said that increasing tax revenues is essential.

He noted that macroeconomic stability is not the destination but a path. Offers for treasury bills and bonds for domestic loans have been rejected.

He further mentioned that Pakistan’s economy is moving in the right direction and progressing toward improvement. However, for the country’s betterment, experts from abroad will be hired.

Muhammad Aurangzeb added that the country’s foreign exchange reserves have increased, and Pakistan’s reserves are at their highest level.

There has been a significant increase in national exports, including IT exports, while investors’ confidence in the economy’s strength is a major achievement.

He noted that the policy rate has decreased by 4.5%, and they are hopeful that the exchange rate and policy rate will remain in line with their expectations.

Muhammad Aurangzeb stated that last year, around 300,000 new filers were added, and so far this year, 732,000 new filers have registered, bringing the total number of filers from 1.6 million to 3.2 million. Non-filers will no longer be able to buy property or vehicles.

He also mentioned that the government is working on right-sizing ministries, with plans to eliminate six ministries and merge two others. Additionally, 150,000 posts across different ministries are being cut.

Aurangzeb claimed that inflation has decreased, and this is not just talk. Due to government policies, inflation has reduced to single digits.

The finance minister also said that provincial chief ministers have been instructed to take measures to reduce inflation.

As the prices of petroleum products in the country have decreased, transportation fares should also come down.