Aurangzeb sets sights on stability with IMF deal

Fin­a­nce Minister Muham­mad Aurangzeb asserted on Tuesday that Pakistan was heading in the right direction towards achi­eving macroeconomic stability and continued to stress the importance of securing external financing necessary to secure IMF’s approval for a $7 billion bailout package, with the support of provincial governments. In a recorded address broadcast on national tel­e­vision, Mr Auran­gzeb said international institutions in such programmes loo­ked at the sovereign, which he said comprises the federation and the provinces, for critical reforms to deliver — apparently a veiled warning to provincial governments aga­inst populist measures like energy subsidies. “We will move forward with their consultation and support to make this (IMF) programme successful and the last one for Pakistan. For this, we need to stand on our feet and deliver on structural reforms,” the minister said while appreciating the positive role played by the chief ministers and the provincial governments in securing a staff-level agreement with IMF on July 12 this year.