IMF Talks Constructive, No Mini-Budget on the Cards: Finance Minister

Finance Minister Muhammad Aurangzeb has ruled out any mini-budget in the coming months and said this week’s discussions with the International Monetary Fund (IMF) were positive. Speaking on television, Aurangzeb said the government was committed to achieving the Rs. 12.97 trillion tax target through better enforcement and administration. He also noted the cabinet’s approval of the National Fiscal Pact and ruled out making any changes to the National Finance Commission (NFC) framework. Finance Minister appreciated Sindh and Khyber Pakhtunkhwa in fiscal matters but at the same time acknowledged setbacks in the privatization of Pakistan International Airlines. The Finance Minister’s comments come after IMF on Friday concluded its surprise five-day visit. IMF Mission Chief Nathan Porter stressed prudent fiscal policies, untapped revenue mobilization, and energy sector reforms. Preliminary findings will be presented by the IMF to its Executive Board soon enough. The IMF has also urged reducing state intervention in the economy and greater competition to support private sector growth. It reaffirmed its commitment to Pakistan’s reform agenda. While basic, this week’s IMF visit included engagement with federal and provincial authorities, the State Bank, and private sector stakeholders.