(Bloomberg) -- Pakistan’s new government does not anticipate any significant currency devaluation as part of its negotiations with the International Monetary...
-- Pakistan ’s new government does not anticipate any significant currency devaluation as part of its negotiations with the International Monetary Fund to unlock billions of dollars in lending and bolster the nation’s economic reform agenda.Finance Minister Muhammad Aurangzeb said there’d be no reason for the rupee to depreciate more than the range of about 6% to 8% seen in a typical year. Pakistan last devalued its currency in January 2023.
In its talks with the IMF, Pakistan plans to seek a traditional IMF loan through the institution’s so-called extended fund facility. It also wants to get money via the IMF’s new Resilience and Sustainability Trust, which intends to strengthen low-income and vulnerable countries against external shocks like the floods that devastated Pakistan in 2022.
Key objectives in the loan negotiations will include broadening the tax base, improving debt sustainability and restoring viability to the energy sector, the IMF said last month. These are steps that Pakistan has avoided for decades because of their unpopularity among a nation of more than 250 million people, where the military remains a formidable presence.Prime Minister Shehbaz Sharif’s pick of Aurangzeb, a former executive at JPMorgan Chase & Co.
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