Tag: Finance Minister Aurangzeb

  • IMF Board to review $7 billion loan programme for Pakistan on September 25

    IMF Board to review $7 billion loan programme for Pakistan on September 25

    The International Monetary Fund’s Executive Board is expected to take Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on agenda on September 25.

    Kozack in a press briefing on Thursday, said that the discussion regarding Pakistan’s loan approval is taking place following Pakistan’s receipt of the necessary financing assurances from “its development partners.”

    The spokesperson of the global lender further said that economic stability in Pakistan has been supported by consistent policymaking, which has resulted in the resumption of growth and an increase in the country’s forex reserves.

    “The new EFF arrangement follows the successful implementation of the nine-month standby arrangement in 2023,” added Kozack.

    Following the development, Finance Minister Muhammad Aurangzeb expressed his gratitude to all relevant institutions, Prime Minister Shehbaz Sharif’s team, and the IMF negotiators.

    The debt-hit country reached a staff-level agreement with the IMF in July, but board approval for the 37-month programme had been pending since then. The delay, which was resolved today with the IMF Executive Board adding Pakistan to its agenda, had fueled speculation about whether Pakistan had failed to meet the IMF’s bailout conditions.

  • PM Shehbaz transfers ECC chairmanship to Finance Minister Aurangzeb

    PM Shehbaz transfers ECC chairmanship to Finance Minister Aurangzeb

    Prime Minister (PM) Shehbaz Sharif, in a reversal of his earlier decision, has transferred the chairmanship of the Economic Coordination Committee (ECC) to Finance Minister Muhammad Aurangzeb.

    According to a notification, the ECC will now be led by the finance minister, with ministers of economic affairs, planning, commerce, power, and petroleum being integral members of the committee.

    Previously, PM Shehbaz had announced himself as the chair of the ECC when unveiling the composition of seven major committees. This move had drawn criticism for potentially limiting the authority of the new finance minister. 

    Furthermore, the premier had initially chosen to preside over the Cabinet Committee on Energy (CCoE).

    Similarly, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was formed earlier under the chairmanship of the finance minister. Accordinng to Aaj News, the Minister for Finance will head the CCoSOEs, with ministers of Maritime Affairs, Economic Affairs Division, Science and Technology, and Housing and Works serving as its members.

    In a report by APP, PM Shehbaz emphasised the government’s commitment to implementing tough economic measures to navigate the country out of crisis while ensuring the protection of the underprivileged segments of society. 

    He stressed that the brunt of these measures would primarily be borne by the affluent, with mechanisms in place to safeguard the interests of the poor and vulnerable.

    Speaking at the meeting of the Apex Committee of the Special Investment Facilitation Council (SIFC), the prime minister disclosed that the International Monetary Fund (IMF) had completed the review for the disbursement of the last tranche of US$1.1 billion, expected to be received next month.