If the IMF loan is approved, NFC will be reviewed, Finance Minister – Business & Economy

Federal Finance Minister Muhammad Aurangzeb has said that if the IMF approves a new loan program for Pakistan, the National Financial Award (NFC) between the provinces and the federation will be revised.

While the Pakistani ambassador in Washington, Masood Khan, has said that the attitude of the international organizations towards Pakistan has changed compared to last year, there will be good news soon regarding the IMF and the World Bank.

Finance Minister Muhammad Aurangzeb and Pakistani Ambassador Masood Khan gave a press briefing in Washington regarding the visit of the Pakistani delegation to America.

The finance minister said that the IMF mission will reach Pakistan by mid-May, and the decision on the terms of the IMF will be taken in May.

He said that it would be desirable to have a staff level agreement with the IMF by the end of June.

The finance minister said that the provincial markets have to be brought into the tax net.

Masood Khan said that there was a change in attitudes towards Pakistan compared to last year, there will be good news related to IMF and World Bank, important investors have shown interest in investing in Pakistan and invited them to invest in the technology sector in Pakistan.

He said that during the visit of the Pakistani delegation, meetings were held with the authorities of Saudi Arabia, Turkey and China.

Finance Minister Muhammad Aurangzeb said that there was a positive discussion with the international financial institutions, our direction regarding the recovery of the economy is very clear, steps will be taken to restore the confidence of the investors.

He said that despite the difficulties and challenges we have to move forward, gaining access to the Chinese markets.

The Finance Minister said that the reforms are improving the tax system, there is a need to take concrete steps to reduce the expenses, Pakistan’s stock market has been booming in recent days.

The Finance Minister said that global cooperation is needed to deal with economic challenges.