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Print Print 2023-05-30

IMF continues its engagement with govt: Porter

  • Focusing on restoration of foreign exchange proper market functioning, passage of a fiscal year 2024 budget consistent with program goals, and adequate financing to pave way for a Board meeting before the current program expires at June-end
Published May 30, 2023

ISLAMABAD: The International Monetary Fund (IMF) continues the engagement with the Pakistani authorities - focusing on the restoration of foreign exchange proper market functioning, the passage of a fiscal year 2024 budget consistent with program goals, and adequate financing to pave the way for a Board meeting before the current program expires at June-end.

This was stated by Nathan Porter, IMF Mission Chief to Pakistan.

He further stated that overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.

The IMF Resident Representative in Pakistan Esther Perez Ruiz shared a statement with Business Recorder while saying that the statement answers a number of recent press questions. You can attribute to Nathan Porter, she added.

Dar assures US envoy Blome of Pakistan’s commitment to IMF programme

The statement is given as under:

“We take note of recent political developments, and while we do not comment on domestic politics, we do hope that a peaceful way forward is found in line with the Constitution and the rule of law.

Sustaining strong policies and obtaining sufficient financing from partners remain key for Pakistan to maintain macroeconomic stability.

To this end, IMF staff continues the engagement with the Pakistani authorities to pave the way for a Board meeting before the current program expires at end-June.

This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with program goals and adequate financing.

More broadly, overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.

Strengthening domestic revenue mobilization and eliminating state owned enterprises (SOE) losses to create fiscal space are also critical for ongoing sustainability, reducing inefficiencies which affect the private sector, and allowing a scaling up of social and development spending.“

Copyright Business Recorder, 2023

Comments

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Tulukan Mairandi May 30, 2023 09:37am
Engagement is fine. But no loan
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KU May 30, 2023 12:00pm
The rich and famous of Pakistan have other priorities, the welfare of the people or the economy is the least of their concerns. The international agencies and watchdogs who emphasize democracy must also share the responsibility for our economic disaster, mainly because they know that our leaders have a reputation and have never been questioned about their unaccounted-for wealth parked in the EU and US.
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Jani Walker May 30, 2023 02:06pm
IMF is not budging no matter who begs them as they know that all of them are liars. Alms to the beggars has been curtailed by the so called friendly or brotherly or sisterly countries. Default and restructuring followed by severe unemployment and riots are now on the cards.
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