ISLAMABAD: On Monday, Muhammad Aurangzeb, the recently appointed Finance Minister, unveiled his plan to concentrate on putting much-needed reforms into action.
These include negotiating a new agreement with the International Monetary Fund (IMF) to support Pakistan's faltering economy under the $3 billion Stand-By Arrangement (SBA), which is expected to start this week, according to a report published in The News on Tuesday.
On the day that the IMF decided to send a team to Pakistan, Aurangzeb took the oath of office. According to a senior finance ministry official, Pakistan-IMF negotiations are expected to start on March 14 and run through Thursday.
To support the nation's economy, the government is anticipating to submit a formal request for help from the IMF.
The conversation might also include looking into a fresh, medium-term rescue plan, aiming for a $6 billion Extended Fund Facility (EFF) and possibly adding more money for financing climate change.
The recently appointed financial czar also disclosed that the current fiscal year, 2024, will be challenging and that now was not the time for idle chatter but rather for action.
