ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb expressed optimism on Sunday Pakistan would secure a “larger and longer” bailout agreement in its negotiations with the International Monetary Fund (IMF) in July, following the approval of the $67.76 billion federal budget.
Pakistan began discussions about a new loan with IMF officials soon after completing a $3 billion program that helped the country stave off a sovereign debt default last year.
The international lending agency sent its delegation to Pakistan in May to hold negotiations with the new government.
Prime Minister Shehbaz Sharif also confirmed during a speech at the National Assembly on Tuesday that his administration had prepared the budget in consultation with the IMF, after repeatedly emphasizing the importance of securing another bailout facility to keep macroeconomic reforms on track.
“I have already said we are moving in a positive way,” the finance minister said while discussing the fresh IMF program during a media interaction in the federal capital. “During July we should get into a good agreement.”
“I am very optimistic that we will be able to take it through the finish line for an extended fund program, larger and longer in nature,” he added.
Pakistan has sought IMF loans in recent years due to a combination of economic challenges, including significant fiscal and current account deficits, declining foreign exchange reserves and rising public debt.
These economic vulnerabilities have been exacerbated by external shocks like fluctuating commodity prices and internal challenges such as political instability and policy inconsistency.
The government has maintained the country’s economy is on the mend but considers the new bailout important to ensure a substantial financial cushion.
The finance minister reiterated that he viewed the program being funded and supported by the IMF as part of Pakistan’s own endeavor to strengthen itself economically.
“We need the IMF because not only these IFIs [international financial institutions] but even our firendly nations want a backstop which is the fund program,” he continued. “What we have to do in the next three years to make sure this is the last program.”
He mentioned he had already been in virtual discussions with the IMF to move toward a staff-level agreement.
Aurangzeb said the basic framework, including the prior actions, had been formulated while the IMF delegation was in Pakistan, saying that the structural benchmarks of the program had been the same for the last three or four years while Pakistan had not implemented.
“Now we have told them to trust us and we will get this done,” he added.
Pakistan finance minister says ‘optimistic’ for ‘larger and longer’ IMF bailout program in July
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Pakistan finance minister says ‘optimistic’ for ‘larger and longer’ IMF bailout program in July
- Muhammad Aurangzeb says virtual negotiations with the international lending agency are moving in a positive direction
- He also maintains Pakistan needs to work for the next three years to ensure that it never has to seek another IMF program
Death toll in Pakistan shopping plaza fire rises to 67, officials say
- Rescue teams still searching for damaged Gul Plaza in Karachi where blaze erupted on Saturday, says police surgeon
- Karachi has a long history of deadly fires, often linked to poor safety standards, weak regulatory enforcement
KARACHI: The death toll from a devastating fire at a shopping plaza in Pakistan’s southern port city of Karachi jumped to 67 on Thursday after police and a hospital official confirmed that the remains of dozens more people had been found.
Police surgeon Dr. Summaiya Syed said rescue teams were still searching the severely damaged Gul Plaza in the Karachi, where the blaze erupted on Saturday.
Most remains were discovered in fragments, making identification extremely difficult, but the deaths of 67 people have been confirmed, she said. Asad Raza, a senior police official in Karachi, also confirmed the death toll. Authorities previously had confirmed 34 deaths.
Family members of the missing have stayed near the destroyed plaza and hospital, even after providing their DNA for testing. Some have tried to enter the building forcibly, criticizing the rescue efforts as too slow.
“They are not conducting the search properly,” said Khair-un-Nisa, pointing toward the rescuers. She stood outside the building in tears, explaining that a relative who had left to go shopping has been missing since the blaze.
Another woman, Saadia Saeed, said her brother has been trapped inside the building since Saturday night, and she does not know what has happened to him.
“I am ready to go inside the plaza to look for him, but police are not allowing me,” she said.
There was no immediate comment from authorities about accusations they have been too slow.
Many relatives of the missing claim more lives could have been saved if the government had acted more swiftly. Authorities have deployed police around the plaza to prevent relatives from entering the unstable structure, while rescuers continue their careful search.
Investigators say the blaze erupted at a time when most shop owners were either closing for the day or had already left. Since then, the Sindh provincial government has said around 70 people were missing after the flames spread rapidly, fueled by goods such as cosmetics, clothing, and plastic items.
The cause of the fire remains under investigation, though police have indicated that a short circuit may have triggered the blaze.
Karachi has a long history of deadly fires, often linked to poor safety standards, weak regulatory enforcement, and illegal construction.
In November 2023, a shopping mall fire killed 10 people and injured 22. One of Pakistan’s deadliest industrial disasters occurred in 2012, when a garment factory fire killed at least 260 people.
