Islamabad, Nov 16: The International Monetary Fund (IMF) has recently concluded discussions with Pakistani authorities, describing the talks as constructive.
These discussions, led by IMF Mission Chief Nathan Porter, took place from November 12 to 15 and centered on reviewing the government’s economic strategies and performance to ensure sustainable development.
Porter praised the collaborative nature of the talks and commended the Pakistani authorities for their positive approach.
He highlighted that the discussions covered important aspects of economic policy and reform aimed at reducing risks and fostering long-term growth.
The talks involved both federal and provincial governments, officials from the State Bank of Pakistan, and private sector stakeholders.
The IMF emphasized the importance of Pakistan adhering to the targets of the ongoing $7 billion loan program, which could improve the living standards of the population.
The government of Pakistan has committed to increasing tax collection from previously untapped sectors, broadening the country’s revenue base.
Further discussions focused on the need for provinces to play a greater role in social security and development programs.
Porter stressed the inevitability of shifting these responsibilities to the provinces and emphasized the necessity of structural reforms in the energy sector to ensure its sustainability.
The IMF also encouraged reducing government intervention in various industries to promote private sector involvement, which would improve competition and support the growth of a more dynamic economy.
The IMF reaffirmed its commitment to assisting Pakistan in achieving sustainable growth by addressing vulnerabilities and continuing with sound fiscal and monetary policies.
Porter concluded that the goal of the discussions was to align reforms with long-term development objectives, ensuring a robust private sector and a competitive economy.
The IMF mission is scheduled to return to Pakistan in early 2025 to continue these discussions. The outcomes of the talks will be presented to the IMF Executive Board as part of the semi-annual review of Pakistan’s economic performance under the $7 billion loan program.
