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HomeLatest NewsBusinessNew IMF deal: Pakistan 'looking forward' to continued Chinese support

New IMF deal: Pakistan ‘looking forward’ to continued Chinese support


Finance Minister Muhammad Aurangzeb together with his Chinese language counterpart Lan Fo’an throughout their assembly in Washington on April 19, 2024. — X/@Financegovpk
  • FinMin informs Chinese language minister about new IMF programme.
  • Aurangzeb lauds Beijing’s invaluable contribution.
  • Pakistan goals to faucet into Chinese language Bond Market, he tells Fo’an.

WASHINGTON: Finance Minister Muhammad Aurangzeb, in a gathering together with his Chinese language counterpart Lan Fo’an, sought Beijing’s “continued help”, as Islamabad formally applies for an Worldwide Financial Fund (IMF) programme, the finance ministry stated in a press release on Saturday.

Each ministers met on the sidelines of the IMF and World Financial institution spring conferences in Washington.

The finance minister knowledgeable Fo’an that Pakistan was getting into into a brand new programme with the IMF and appeared ahead to China’s continued help.

Pakistan has made a proper request to the IMF for one more bailout bundle within the vary of $6 to $8 billion underneath the Prolonged Fund Facility (EFF) with the potential of augmentation by way of local weather financing.

Nevertheless, the precise measurement and timeframe will solely be decided after evolving consensus on the foremost contours of the subsequent programme in Might 2024.

Aurangzeb additionally briefed his counterpart on the federal government’s priorities, together with broadening the tax base, fixing the vitality sector, and overhauling the state-owned enterprises (SOEs).

The minister apprised Fo’an in regards to the progress on the China–Pakistan Financial Hall (CPEC), expressing the federal government’s resolve to speed up Section II of the venture.

In Section II, he stated, Islamabad will emphasise monetising belongings by way of the operationalisation of Particular Financial Zones and relocation of Chinese language Personal-Owned Firms (POCs).

In the meantime, in Section I, the minister added, the federal government targeted on infrastructure improvement. He lauded China’s invaluable contribution to Pakistan’s improvement by way of initiatives such because the CPEC and help at worldwide monetary establishments.

Aurangzeb additionally expressed gratitude to the Chinese language authorities for the SAFE deposits and their common rollovers, which have performed a vital position in addressing Pakistan’s exterior financing gaps.

Throughout the assembly together with his Chinese language counterpart, the finance minister additionally conveyed condolences on behalf of the management and other people of Pakistan over the current terrorist assault towards Chinese language nationals in Pakistan.

He reaffirmed Pakistan’s unwavering dedication to making sure the security and safety of Chinese language residents and investments within the nation.

He acknowledged that Pakistan aimed to faucet into the Chinese language Bond Market and launch Panda Bonds in the course of the fiscal 12 months 2025-26.

Each side agreed on the necessity to proceed their cooperation inside worldwide establishments, reflecting deep-rooted financial ties between the 2 international locations.

Aurangzeb, who’s presently in Washington to carry negotiations with the Fund for a brand new bailout bundle and attend World Financial institution conferences, has been conducting high-level conferences with high officers on the sidelines of his go to.

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