Finance Minister Muhammad Aurangzeb said Thursday the federal government was hopeful of reaching a staff-level agreement with the International Monetary Fund (IMF) in July after the budget was presented in line with the lender’s requirements.
The budget, which analysts believe has been tailored to meet IMF requirements for securing another bailout of $6 to $8 billion under the medium-term Extended Fund Facility (EFF), marks a 25% increase over the outgoing fiscal year’s outlay.
The discussion with IMF is moving in the right track […] we are hopeful and we aim to reach a staff-level agreement in July,” the finance minister told reporters during the post-budget press conference.
The minister said virtual discussions were underway with the Fund’s team and they’re exchanging views on the budget as well. “I don’t want to say anything in finality other than the fact that it’s moving positively.”
