ISLAMABAD: Pakistan's finance minister Miftah Ismail on Thursday vowed to stabilize the rupee against the US dollar by next month, saying all possible measures were being taken to stop the downward slide of the local currency.

Ismail made the statement while briefing a federal cabinet meeting on the rapid depreciation of rupee against the greenback.

Prime Minister Shehbaz Sharif convened the meeting amid growing political and economic crises in the South Asian nation.

"All necessary steps are being taken to stabilize the Pakistani rupee against the US dollar," Ismail told the cabinet. "Next month, the Pakistani rupee will stabilize against the dollar."

With low foreign reserves and mounting debt and current account deficit, Pakistan desperately seeks the revival of a $6 billion loan program originally agreed with the International Monetary Fund (IMF) in 2019.

The delay in the disbursement of funds has exacerbated the South Asian country’s economic troubles. Experts have warned that the country is witnessing a major balance-of-payments crisis.

The finance minister informed the cabinet that economic growth would remain comparatively better this year since the government had given tax incentives to productive sectors, including agriculture.

"These measures will lead to reduction in imports while increasing employment and exports," he said.

Dealing with other agenda items, the federal cabinet approved the appointment summary of former police officer and director-general Intelligence Bureau Aftab Sultan as chairman of the National Accountability Bureau.

The cabinet was informed the tenure of the new chairman of the country’s top anti-graft body would be three years and would not be further extended.