ISLAMABAD: March 25, 2024: Malik Bostan Khan, Pakistan’s top forex dealer and Pakistan Currency Dealers Association chairman, on Tuesday said the new economic team led by Finance minister , Muhammad Aurangzeb, has set a right direction for recovery of Pakistan’s economy by having positive negotiations with the International Monetary Fund (IMF) for securing a last tranche of $ 1.1 billion under Extended Financing Facility (EFF) of Standby Arrangement (SBA)} programme.
Speaking to NEWSMAN from Karachi by phone, Malik Bostan Khan said he is very much confident that after staff level agreement by IMF review mission its executive board will approve the last tranche of $ 1.1 billion for Pakistan next month. He added that Pakistan’s new economic team worked hard to present a workable picture of the country’s economy to the IMF review mission early this month and it set a hope for release of the last tranche of $ 1.1 billion to Pakistan. Malik Bostan Khan gave credit of making Pakistan’s correct case with IMF to new Finance minister , Muhammad Aurangzeb and noted that the release of the last installment of $ 3 billion EFF under current SBA is a good development and it would help Pakistan’s currency to stay strong against the US dollar in the open and banking market.
An IMF review mission had concluded review of Pakistan’s economy successfully last week. It was followed by an announcement by IMF mission of signing an agreement with Pakistan’s officials. IMF review mission’s announcement resulted in surge in yield of Pakistan’s bond in international market, besides strengthening the local currency against US dollar to seize sliding down of the rupee in the open currency market.
Malik Bostan Khan believes Pakistan will also be able to secure a new IMF bailout package of around $ 6 billion spanning over three years in next two to three months and it will extend much needed support to Pakistan’s economy for its fast track recovery. Malik Bostan said “Once Pakistan gets a new bailout package of roughly $ 6 billion from IMF, Pakistan’s economy is act to it positively and rebound to ensure fast track recovery”.
Malik Bostan Khan is always optimistic about Pakistan’s economic recovery. He is confident that the time is ripe now to take Pakistan’s economic challenges head on and fix things without any delay to ensure that the national economy gets back on the right track for fast recovery. He strongly believes that new economic team led by Finance minister , Mr Aurangzeb, is going to do the job of putting the national economy back on the right track for taking economic growth of the country to required level of 5 to 6 percent of GDP.
