Aurangzeb Confident PKR is Now Stable and New IMF Program Very Near

Finance Minister Muhammad Aurangzeb is confident that the Pakistani Rupee (PKR) is now stable and the government is on track to securing a new loan program from the International Monetary Fund (IMF), The National reported on Monday. Aurangzeb also predicted inflation to decline to single-digit levels by the end of 2025. The Finance Minister said Pakistan needs sustained support for at least three years to implement reforms across sectors such as taxation and energy. He added that remittances from overseas workers are expected to rise to about $29 billion this fiscal year and help the PKR. Aurangzeb particularly mentioned the tech sector and its influence on the national economy so far. He said the sector has grown from “literally nowhere” to $3.4 billion and may rise to $5 billion next year. The minister briefly mentioned that large-scale manufacturing is down due to high energy costs and lending rates. He also acknowledged delays in monetizing projects under the China-Pakistan Economic Corridor (CPEC) but assured of moving forward with Phase Two of the mega-project to enhance revenue generation.