ISLAMABAD: The International Monetary Fund (IMF) has commended the Pakistani government’s efforts and measures in critical areas to stabilise the economy.
According to the Finance division, Caretaker Federal Minister for Finance, Revenue, & Economic Affairs Dr. Shamshad Akhtar held a meeting with the IMF review mission led by the IMF Mission Chief, Nathan Porter at the Finance Division.
The meeting was attended by IMF resident representative, Ms. Esther Perez Ruiz, Governor SBP Jamil Ahmed, Chairman FBR, Chairman SECP, Secretary Finance, members of IMF delegation and senior officers from the Finance Division.
The Caretaker Minister for Finance, Revenue & Economic Affairs, Dr. Shamshad Akthar welcomed the delegation and shared progress on the Standby Arrangement (SBA).
The Minister briefed the mission on fiscal measures being taken by the government to improve the economic situation.
The meeting also included discussion on comprehensive reforms and measures undertaken by the FBR and the government’s strategies to address the circular debt issue.
On this occasion, the mission chief, Nathan Porter appreciated the government’s commitment to meeting the 1st quarter’s targets, and commended the government’s efforts and measures taken in some critical areas.
He further underscored the importance of continuation of these efforts for staying on track for economic stability of the country.
It is pertinent to note that Pakistan has implemented a series of stringent measures, including a steep increase in electricity and gas prices in accordance with the loan agreement.
Additionally, efforts to reduce government expenditures and advance the privatisation program are reportedly underway, signalling the country’s commitment to meeting the IMF’s conditions.
The Minister Dr. Shamshad Akhtar expressed her appreciation for the continued support and assistance of the IMF. She reaffirmed the government’s commitment to working closely with the IMF to ensure successful completion of the SBA and to achieve the economic objectives.
It merits mention here that the FBR has also achieved its tax collection target for the first four months of the current financial year, something that is seen as a positive indicator of Pakistan’s efforts to meet its fiscal responsibilities under the IMF program. The feat was achieved on the back of high petroleum levy and tax on electricity as mandated by the IMF.
Sources said that the mission has an itinerary of two weeks during which the first review of the standby arrangement will be conducted.
If the lender is satisfied with Pakistan’s performance during the review, a second tranche of $700 million is expected to be disbursed.
