Negotiations between the government of Pakistan and the International Monetary Fund (IMF) started in Islamabad, sources said on Thursday. Nathan Porter led the IMF team, while Finance Minister Muhammad Aurangzeb led the government side in the talks. Talks between the two sides will continue until March 18 under the standby arrangement. Sources further said that Pakistan had met all the conditions for the $3 billion loan programme, and the Ministry of Finance had met all the targets set for the completion of the financial review. The Fund Board will approve the Staff Level Agreement, and later release the first tranche of $1.1 billion to Pakistan. Talking to the media after the initial round of talks, the finance minister said that the IMF programme would help improve the country’s credit rating. He said that Pakistan wanted the longest-running programme from the International Monitory Fund (IMF), in the country's history. Muhammad Aurangzeb said that Pakistan would make efforts for a big program according to the quota and vowed economic discipline in the IMF programme.

“The improvement of the economy is the goal of our government more than the IMF,” Muhammad Aurangzeb clarified. He said Prime Minister Shehbaz Sharif’s vision for the improvement of the country’s economy is clear as the premier gave strict instructions to maintain economic discipline. “There is no obstacle in the release of last installment of the current loan programme from the IMF,’ the finance minister told media persons. In a statement, the Ministry of Finance affirmed the government of Pakistan’s commitment to advancing the negotiations, recognizing the critical role of these discussions in shaping Pakistan's economic future. Both the Fund and the government had reached an agreement for $3 billion programme in July 2023. The money-lending organization has already provided to Pakistan $1.9 billion. Earlier, the IMF delegation reached Islamabad on Thursday morning.

Credit: Independent News Pakistan (INP)