Ahead of the International Monetary Fund (IMF) mission’s arrival in the nation, Finance Minister Muhammad Aurangzeb has disclosed that the government is thinking of raising the retirement age nationwide. This move is intended to lower pension payments.
Tuesday in Islamabad, Aurangzeb made the following statement at a joint press conference accompanied by Ministers of Law Azam Nazeer Tarar and Information and Broadcasting Attaullah Tarar: “Service structure will be changed over a period of time to reduce its [pension liability] burden.”
The finance czar further stated that the IMF delegation is anticipated to visit Pakistan this month, during which time the details of a more comprehensive program will be negotiated.
He went on to say that ensuring macroeconomic stability and structural changes are their main priorities.Last month, desperate for cash According to The News, Pakistan formally requested from the IMF to seek the next bailout package under the Extended Fund Facility (EFF), which might be increased through climate funding. The package was expected to be between $6 and $8 billion. The administration submitted the request in April, the same month that the nation concluded a $3 billion short-term program.
