2024 difficult year for Pakistan’s economy, says new FM

ISLAMABAD: Pakistan will begin talks with the International Monetary Fund (IMF) for the second review of the stand-by agreement in the ongoing week, according to newly-appointed Finance Minister Muhammad Aurangzeb.

Muhammad Aurangzeb, CEO of one of the largest banks in Pakistan, officially took over the responsibility as Finance Minister after taking oath at the Presidency.

According to sources, Pakistan and International Monetary Fund (IMF) talks under the $3 billion Stand-By Arrangement (SBA) are likely to commence from March 15.

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On his arrival at the Ministry, he was warmly welcomed by Secretary Finance and senior officials of the Ministry.

A preliminary meeting of senior management was held to facilitate introductions and initial discussions.

The minister also added that 2024 would be a ‘difficult’ year for Pakistan’s economy.

A successful second review would unlock the final tranche of the SBA, worth $1.1 billion.

Islamabad will hold talks with the international lender about the last tranche of $1.1 billion under the SBA programme. Pakistan has already achieved the targets set by the IMF for the second review, the sources said.

Pakistan is likely to request IMF for a $6 to 8 billion fresh loan programme.

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