In a display of the government’s unwavering commitment, Federal Minister for Finance and Revenue Muhammad Aurangzeb announced on Friday that they hope to sign a staff-level agreement (SLA) on a new “larger and a longer programme” with the IMF fiscal year.
“We are hopeful that by the time we wrap up this fiscal year, i.e. end June to early July, we reach at least a staff-level agreement with the IMF,” Aurangzeb said while talking to reporters at the Pakistan Stock Exchange (PSX), where a gong ceremony was held to welcome the finance minister.
The Federal Minister, however, did not disclose the size of the upcoming programme, saying that talks are yet to be held.
“It is too premature to talk about the size. However, we need a 3-year programme, at least,” he said
Aurangzeb expressed that the upcoming IMF bailout could be the last for the country “only if structural issues are fixed”.
Aurangzeb, outlining the government’s strategic financial plan, stated that the government aims to collect a substantial Rs9.4 trillion in revenue.
“Excluding debt servicing, the government needs to lower its operational expenses and move the PSDP towards public-private enterprises.
“If the government manages to curb leakages, the Rs2.4 trillion funds made available would be redirected towards the marginalised population, thereby bolstering the domestic consumer and industry,” he said, underlining the government’s proactive measures.