Finance Minister Muhammad Aurangzeb said on Wednesday that an International Monetary Fund (IMF) delegation will visit Pakistan at the end of September, with the country expecting to receive the third tranche of $1 billion upon completion of the next review.

Speaking informally to Samaa TV, Aurangzeb said preparations for the upcoming economic review were complete. Pakistan has so far received $2.1 billion from the $7 billion Extended Fund Facility, which spans 37 months.

The minister said PIA’s routes to Europe and the UK have reopened, attracting major bidders for its privatization. He noted that while the airline’s situation has improved, broader reforms in loss-making state-owned enterprises -- responsible for Rs6 trillion in losses -- cannot happen overnight. Twenty-four such entities have been put forward for privatization, with governance improvements under way.

Aurangzeb said civil service pension reforms have been implemented, privatization efforts will accelerate this year, and rightsizing continues in 43 ministries and over 400 departments. He added that last year’s debt servicing costs were reduced by Rs1 trillion.

The finance minister said the prime minister has instructed that decisions be made in consultation with the private sector. He said talks with traders over the past six weeks had been positive and that no policy matter would proceed without input from business chambers, though complete consensus was not always necessary.

Aurangzeb also said agreements have been reached to reduce electricity tariffs, with a task force working to cut energy costs in the coming days. He noted that Pakistan’s economic progress has been recognized globally, with two international rating agencies upgrading the country’s rating and a third expected to follow.

He added that the government aims to issue Panda bonds by the end of this year, the policy rate has fallen to 11%, and CEO confidence has risen by 84%. He also stressed the need to capitalize on trade agreements with the United States.