Finance Minister Muhammad Aurangzeb on Sunday said that the International Monetary Fund (IMF) team has reached Pakistan, and the two sides would begin talks for a new loan programme on Monday (tomorrow).

Addressing a pre-budget seminar, finance minister said that the private sector would have to lead and guide the country out of the difficult phase. Finance minister also said that the FBR’s Track and Trace System has utterly failed and vowed to bring traders in the tax net.

In his speech, the finance minister covered a variety of subjects, including the rupee exchange rate and interest rates, which, he added, were determined by the State Bank of Pakistan.

He said the rupee’s exchange rate has stabilized and the inflation coming down.

He made it clear that the government would extend facilities to traders but would remain on track to expand tax net.

The finance minister said the steps would be taken for improving tax-to-GDP ratio, swift privatisation of lossmaking state-owned enterprises (SOEs) and overhauling the energy sector.

He said that the power theft will be strictly dealt with adding that the private sector will be given representation in Discos boards.