China, Saudi Arabia and UAE will support Pakistan in filling the external financing gap which will help get approval from the International Monetary Fund (IMF) Executive Board on the new $7 billion bailout program, Finance Minister Muhammad Aurangzeb told media persons on Sunday.
“We’re issuing Panda Bonds in the Chinese market and working on energy debt reprofiling. Identified 4.9 million non-filers, compliance measures to follow, have to bring structural solution of IPPs,” the minister said following his return from China.
Aurangzeb said discussions with Chinese President Xi Jinping focused on investment in the energy sector. Talks about issuing a bond in the Chinese market have been appreciated by the IMF, and China has assured support for Pakistan’s program.
The minister hoped to restore public trust in the Federal Board of Revenue and simplify tax return forms. He noted that external financing assurances are required before the IMF board meeting and that China, Saudi Arabia, and the UAE have always supported Pakistan in external financing efforts.
Macroeconomic stability is crucial for the country’s growth, and the government is committed to promoting growth based on exports and direct investment, Aurangzeb added.
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