FM Aurangzeb says talks with IMF moving in right direction

Finance Minister Muhammad Aurangzeb on Wednesday said that talks with the International Monetary Fund (IMF) were heading in the right direction. 

Talking to media after attending a meeting of the Senate Standing Committee on Finance and Revenue in Islamabad, the minister said that the $7.1 billion Extended Fund Facility (EFF) and the $1.1bn Resilience and Sustainability Facility (RSF) were being reviewed. 

He said so far talks remain positive and good. The Extended Fund Facility is undergoing its second review, while the RSF is being reviewed for the first time. When asked about the reviews and whether they will conclude by October 8, Aurangzeb said: “Whatever discussions are happening, they are moving in the right direction.”

Earlier, Finance Minister Aurangzeb has said Pakistan and the US are deepening cooperation in energy, mining and technology sectors. 

In an interview with Bloomberg News, he said Pakistan is planning an investor conference in Washington later this month to draw American investment. The Finance Minister said progress followed a new trade deal with the US setting a nineteen percent tariff, lower than regional peers and well below the tariff imposed on India. He said the rate boosted Pakistan’s export competitiveness and helped it emerge from crisis.