IMF delegation to visit Pakistan in May; government moves towards commercial financing

The Finance Minister Muhammad Aurangzeb, has said that a delegation of the International Monetary Fund (IMF) will visit Pakistan in mid-May while consultations are underway to prepare the budget for the new fiscal year.

Talking to the media, he said that the government is now moving towards commercial financing instead of traditional bilateral financial assistance. According to him, there is no intention to take new financing from other friendly countries after Saudi Arabia.

The Finance Minister announced that a Panda Bond worth $250 million will be issued in May, for which guarantees have been provided by the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), while discussions with Chinese authorities in this regard are in the final stages.

He added that Eurobonds and Sukuk bonds will also be issued in the next two to three years to access new sources of investment.

Muhammad Aurangzeb said that the ongoing tensions in the Middle East have had an impact on energy infrastructure, but the fertiliser and food security situation in Pakistan is satisfactory.

He also clarified that despite the regional tensions, remittances from abroad have not been affected; especially remittances from the United Arab Emirates are continuing as usual.