ISLAMABAD, June 30 Pakistan’s finance minister expressed strong optimism on Sunday about securing a new funding program from the International Monetary Fund (IMF). Pakistan successfully passed into law its annual fiscal budget. This budget approval is a crucial step as Pakistan prepares for more discussions with the IMF, aiming to secure a loan between $6 billion and $8 billion to avoid a debt crisis. Pakistan, currently the slowest-growing economy in South Asia, is urgently in need of this financial support.

At a press conference, Finance Minister Muhammad Aurangzeb emphasized the government’s commitment to achieving economic stability through this IMF program. “We are moving forward with this plan; it is essential. I am very confident that we will successfully secure the Extended Fund Program. This program will be larger and longer in duration,” he stated, according to Geo News, a local broadcaster.

On Friday, Pakistan’s parliament approved the government’s finance bill for the upcoming fiscal year, which includes significant tax measures. Earlier in April, Pakistan had completed a short-term $3 billion program with the IMF, which helped the country avoid a sovereign default. We expect the new program to provide more extensive and sustained financial support to stabilize Pakistan’s economy.