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Finance Minister Muhammad Aurangzeb hinted on Tuesday at raising the retirement age to control the expenses related to pensions as the government plans structural reforms ahead of a new bailout package from the International Monetary Fund package.

“Age is now just a number. 60 is the new 40,” he said at a press conference, flanked by Law Minister Azam Nazeer Tarar and Information Minister Attaullah Tarar, in Islamabad.

Aurangzeb, a former banker, described the pension as a “big liability” and added that the government has to ascertain how to lead it forward.

“The institution I left before coming here, we took this first step that we raised the retirement age from 60 to 65 because those are your productive years and you can use its result by extending the term,” he said.

He stressed the need for changing the service structure over a period of time to overcome the pension burden.

The finance minister claimed that the recent improvements in the economy were bringing stability to the country and building confidence. Aurangzeb said that he was in touch with some investors in the United States and Europe but did not share details.

He confirmed that the country was seeking a long and large fund programme with the IMF, but highlighted that the structural reforms were important.

He went on to add that the government has to cut its expenses by following the public-private partnership to build the infrastructure.