Pakistan Secures Staff-Level Agreement with IMF: Finance Minister Aurangzeb

ISLAMABAD (Web Desk) – Finance Minister Muhammad Aurangzeb has confirmed that Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF), calling it a “step in the right direction” for the country’s economy.

Speaking at a press conference in the federal capital, the finance minister said the economy is moving in the right direction, and the government will share progress made over the last four to six weeks.

Aurangzeb noted that the IMF agreement has been finalized, adding that climate financing is crucial for Pakistan’s long-term stability. He emphasized that the government is continuing its structural reforms, saying, “We must keep the momentum going if we want consistent growth.”

The minister highlighted a 5% rise in exports, terming it a positive sign. He said improvements in the manufacturing sector and balanced current account and payment systems are essential for sustainable development.

Aurangzeb added that Pakistan’s IT sector is showing month-on-month improvement, and the government is keeping a close eye on imports. Remittances, he said, are also increasing, though “nothing happens overnight.”

He said Prime Minister Shehbaz Sharif has made it clear that the private sector will lead the economy, adding that remittances for the current fiscal year are expected to touch $41 billion.

The finance minister announced that the Prime Minister has ordered the abolition of the Export Development Surcharge.

“We are listening to the private sector, and whenever a good suggestion comes in, we act on it without wasting time,” he added. A summary for the surcharge’s removal has already been sent to the cabinet.

Aurangzeb also said that a Panda Bond issuance is on the cards and that a key meeting on the NFC Award will take place next week. He stressed that all stakeholders must push forward with the ‘Pakistan First’ agenda, saying that structural reforms must go hand in hand with institutional reforms.