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.
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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