KARACHI: The International Monetary Fund (IMF) gave a “positive feedback” on Pakistan’s structural reforms program that helped the country achieve macroeconomic stability, Finance Minister Muhammad Aurangzeb said on Wednesday while addressing an insurance conference in Karachi via video link.
Aurangzeb’s statement comes only a day after Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the World Government Summit in Dubai and reaffirmed his administration’s commitment to structural reforms.
The meeting between the two officials came right ahead of the IMF’s upcoming review of Pakistan’s $7 billion loan program, secured in September last year.
A successful review in the coming weeks would release a $1 billion tranche, helping cash-strapped Pakistan boost its foreign exchange reserves and meet the lender’s import cover benchmark.
“We got some a very positive feedback in terms of macroeconomic stability which has been achieved over the last 12 months,” the finance minister said while sharing the details of the meeting between the prime minister and the IMF managing director.
Calling the meeting “constructive and very positive,” he said the top IMF official was appreciative of Pakistan’s commitment to the reform program.
“We are well underway in that program,” Aurangzeb continued.
According to a statement released by the Prime Minister’s Office earlier in the day, Sharif recognized the progress made under the IMF’s Extended Fund Facility (EFF), which put the country on the path of long-term recovery.
“He reaffirmed the government’s resolve to sustaining the reform momentum, particularly in critical areas such as tax reform, energy sector efficiency and private sector development,” the statement added.
“The Prime Minister assured Ms. Georgieva of Pakistan’s commitment to economic prudence, efficiency and sustainability as essential pillars for achieving inclusive and sustained growth.”
Following the meeting, Georgieva posted on X, formerly Twitter, expressing confidence in Pakistan’s reform trajectory.
“Wonderful to meet [Pakistan’s] Prime Minister @CMShehbaz and his team. I am encouraged by their strong commitment to Pakistan’s IMF-supported reforms and support their decisive actions to pave the way to higher growth and more jobs for Pakistan’s youthful population,” she said.
The meeting between the two officials took place as an IMF mission is currently in Pakistan conducting a governance and corruption diagnostic assessment, part of the broader reform agenda under the EFF.
The IMF’s next review is expected in March, with Pakistan’s government and central bank confident of meeting reform targets required for the loan disbursement.
Pakistan gets ‘positive feedback’ on economic reforms ahead of IMF review — fin min
https://arab.news/g8ehv
Pakistan gets ‘positive feedback’ on economic reforms ahead of IMF review — fin min
- Muhammad Aurangzeb says structural reforms are ‘well underway,’ driving economic stability
- IMF chief says ‘encouraged’ by Pakistan’s commitment to reforms after meeting the premier
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
