The Washington-based international lender in a statement said the deal should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth”.

"The COVID-19 pandemic, coupled with Russia's invasion of Ukraine, has prompted nations to reassess their trading partners with a focus on both economic and national security considerations. This reevaluation has led to a redirection of foreign direct investment flows along geopolitical lines" , Gita said.

Baluchistan, the area most impacted by smuggling, is already dealing with a deadly separatist rebellion and tremendous poverty. Baluchistan remains one of the most insurgency-affected provinces of Pakistan; this booming informal economy poses a threat not only to Pakistan but to neighbouring countries as well.

A decision in this regard was taken by the International Monetary Fund (IMF) Executive Board as it completed the second and final review of Pakistan's economic reform programme supported by the IMF's Stand-By Arrangement (SBA).

A high-level Pakistani delegation led by Finance Minister Muhammad Aurangzeb is currently visiting Washington to attend the annual spring meetings of the IMF/World Bank.

With an eye on strengthening collaboration and collective action, Shehan articulated the significance of the talks in securing the next tranche of the USD 2.9 billion International Monetary Fund bailout.

IMF chief Kristalina Georgieva has indicated a slight uptick in the global growth forecast, though cautioning that the world is set for a "sluggish and disappointing decade". This forecast adjustment reflects a mixture of slowing growth, persistent inflation, high interest rates, escalating debt levels, and geopolitical risks that continue to rattle markets.

India’s economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per cent. “And if India grows at 8 per cent, India can be a $55 trillion economy by 20147,” Subramanian added. He pointed out that historically from 1991 onwards, India’s average growth has been slightly more than 7 per cent.

He also announced the upcoming privatization of Pakistan International Airlines (PIA), the country's flag airline. 

The International Monetary Fund (IMF) is expressing eagerness to collaborate with Pakistan's incoming government to ensure macroeconomic stability and prosperity, a top official stated.

After a pandemic-induced contraction, the Maldivian economy grew by 13.9% in 2022 and is estimated to expand by 4.4% in 2023, with growth projected at 5.2% in 2024 as tourist arrivals increase.