Finance Minister Muhammad Aurangzeb reiterated the government’s commitment to the International Monetary Fund (IMF)’s structural reforms despite uncertainty surrounding the IMF’s $7 billion bailout schedule. Speculation arose when Pakistan’s name was not listed in the IMF executive board’s schedule for August 28. The approval of Pakistan’s bailout programme is now expected in September. The minister also emphasized the need to address economic leakages, particularly in remittances, taxes, and the power system.
Meanwhile, Prime Minister Shehbaz Sharif announced plans to unveil a five-year economic revival program aiming to uplift agriculture, information technology, and other sectors. The program, developed in consultation with stakeholders, is set to be announced soon. Prime Minister Shehbaz Sharif also highlighted ongoing reforms in the Federal Board of Revenue and the power sector.
Under the Buna-Raast connectivity project, the Raast payment mechanism will be linked with the Arab Monetary Fund’s Buna system to facilitate remittances from overseas Pakistanis in Arab countries. This project aims to enhance digital remittance processes, boost foreign exchange reserves, and strengthen relations with the Arab world through modern financial technologies.