During a news conference in Islamabad, Aurangzeb stated that the IMF package was for the entire nation, not just the federal government. In order to maintain economic stability, he emphasised the significance of making difficult decisions.
Since joining the International Monetary Fund (IMF) in 1950, Pakistan has benefited from 25 different IMF programs. Approved in September 2024, the 37-month Extended Fund Facility (EFF) is the most recent scheme.
“A new strategy is required. At a press conference held here, the minister stated, “If we are to say that this is going to be the last program of the IMF, which we have just embarked on, we have to change the DNA of the economy fundamentally.” The Federal Board of Revenue Chairman, Rashid Mahmood Langrial, was with him.
According to Aurangzeb, the International Monetary Fund (IMF) was approached for the Extended Fund Facility (EFF) for two key reasons: to permanently establish macroeconomic stability and to carry out important changes in line with domestic economic goals.
He cautioned that if these actions weren’t taken right away, the paid class would be more burdened. In order to achieve sustainable development, the finance minister also emphasised the necessity of curbing population growth.
While acknowledging the inevitable rise in tax income, Aurangzeb stressed the need for tax collection agencies to uphold human rights. In order to combat smuggling, he announced the creation of digital checkpoints and highlighted the government’s intention to deploy technology widely.
Aurangzeb also talked about initiatives he was working on with provincial administrations to bring down prices. He asked that in order to prevent inflation, the four provinces concentrate on pricing control committees. He pointed out that lower petrol prices ought to translate into lower transportation costs.
Furthermore, the finance minister disclosed that open talks about financing for climate change had taken place with the World Bank and IMF. He declared that the World Bank would support climate-related activities financially and technically.
Senator Muhammad Aurangzeb, the federal minister of finance and revenue, reaffirmed the government’s commitment to implementing domestic structural reforms and stressed the crucial need to make fundamental changes to the nation’s economic structure in order to create an export-driven model and promote sustainable growth.
In order to build a house, he stated, macroeconomic stability lays the groundwork. “If we have to go for inclusive and sustainable growth, it has to be on the background of the macroeconomic stability,” he said.
According to the minister, although macroeconomic stability persisted in the first quarter of the current fiscal year, it required persistence to result in sustained growth. “Stabilisation of the macroeconomic
