Islamabad (TDI): International Monetary Fund (IMF) mission led by Nathan Porter concluded a staff visit (November 12 to 15) to Pakistan.
During the visit, the IMF team met with senior officials from federal and provincial governments and the State Bank, as well as representatives from the private sector.
During visit, Porter stressed on the structural reforms in energy sector and encouraging competition in the markets for growth of the private sector.
Certain reports suggest that Pakistan has demanded to include 1.5 billion in dollars for climate funding in the assistance programme of IMF.
Staff visits are a standard practice for countries with semi-annual program reviews and aim to engage with the authorities and other stakeholders on the country’s economic developments and policies and the status of planned reforms.
Read More: Pakistan Seeks $1bn IMF Climate Funding
In a statement issued at the conclusion of the IMF mission visit, Porter said, “We had constructive discussions with the authorities on their economic policy and reform efforts to reduce vulnerabilities and lay the basis for stronger and sustainable growth.”
Pakistan and IMF noted that there is need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces, the statement added.
In addition, structural energy reforms and constructive efforts are critical to restore the sector’s viability, and Pakistan should take steps to decrease state intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector, IMF stated.
It further says that strong program implementation can create a more prosperous and more inclusive Pakistan, improving living standards for all Pakistanis.
Also Read: IMF Team Arrives Today to Review Pakistan’s Economic Performance
“We are encouraged by the authorities’ reaffirmed commitment to the economic reforms supported by the 2024 Extended Fund Facility (EFF). The next mission associated with the first EFF review is expected in the first quarter of 2025.”
