Associated Press
The International Monetary Fund (IMF) expressed its endorsement on Wednesday for the proactive measures taken by Prime Minister Shehbaz Sharif’s administration aimed at improving Pakistan’s economic situation.
Last year, Pakistan and the IMF entered into a USD 7 billion Extended Fund Facility (EFF) loan agreement to assist the financially strained nation in addressing its balance of payments challenges while adhering to stringent conditions.
IMF Managing Director Kristalina Georgieva, who engaged with Sharif during the Prime Minister’s visit to the United Arab Emirates, conveyed her optimism in a post on X, stating that she is heartened by the government’s strong dedication to the reforms supported by the IMF and endorses their decisive actions to facilitate increased growth and job opportunities for Pakistan’s young population.
The remarks were made during the visit of the IMF team to Pakistan, which aims to evaluate the judicial and regulatory framework as part of the ongoing USD 7 billion initiative to tackle issues related to governance and corruption. A statement from the Prime Minister’s Office indicated that the Prime Minister met with the IMF chief during the World Governments Summit (WGS) in Dubai, where they engaged in discussions regarding Pakistan’s current IMF programme and the macroeconomic stability attained through the government’s extensive reform efforts.
The meeting centered on Pakistan’s dedication to enacting structural reforms and upholding fiscal discipline, which have been crucial in restoring economic stability and will be vital for fostering sustainable growth. The Prime Minister discussed the advancements achieved under the program, crediting the economic improvements to the bailout agreement.
Additionally, he reiterated the government’s commitment to continuing reforms, especially in the areas of taxation, energy sector efficiency, and the development of the private sector. The IMF chief praised the nation’s efforts in successfully implementing the IMF-supported program, noting the country’s enhancing economic performance characterized by increasing growth and decreasing inflation. She acknowledged that Pakistan is on a trajectory of growth and has experienced economic recovery, further emphasizing the IMF’s backing for its reform initiatives. The Prime Minister was on a two-day visit to the UAE, accompanied by Foreign Minister Ishaq Dar, at the invitation of President Mohamed bin Zayed to take part in the World Government Summit.
Finance Minister Muhammad Aurangzeb stated that the head of the International Monetary Fund expressed high regard for the prime minister’s leadership and dedication to the reform-oriented program, as reported by the Associated Press of Pakistan. During a conference hosted by the Securities and Exchange Commission of Pakistan, Aurangzeb emphasized the emphasis on structural reforms in taxation, energy, state-owned enterprises, and public finance, particularly in relation to optimizing the federal government and implementing pension reforms. He noted that Kristalina, the managing director, was particularly complimentary on Tuesday regarding the prime minister’s leadership and the commitment demonstrated by the country towards this reform-based initiative, which is currently progressing well.
