The International Monetary Fund has urged Pakistan to take steps to reduce state intervention in the economy and enhance competition, which will help promote dynamic private sector development.
The IMF mission led by Mr. Nathan Porter concluded its staff visit to Pakistan from 12 to 15 November 2024.
During the visit, the IMF team met with senior officials from the federal and provincial governments and the central bank, as well as representatives of the private sector.
At the end of the visit, the head of the IMF mission in Pakistan said that strong implementation of the program could create a more prosperous and more inclusive Pakistan, and improve the living standards of all Pakistanis.
“We have had constructive discussions with the authorities on their economic policy and reform efforts to reduce vulnerabilities and lay the foundation for stronger and sustainable growth,” Porter said.
The head of the IMF mission said that the two sides agreed on the need to continue prudent fiscal and monetary policies, and mobilize revenues from untapped tax bases, while transferring more social and development responsibilities to the provinces.
In addition, structural energy reforms and constructive efforts are crucial to restoring the sector’s vitality.
“We are encouraged by the authorities’ confirmed commitment to economic reforms supported by the 2024 Extended Fund Facility. The next task linked to the first EFF review is expected to take place in the first quarter of 2025,” the statement added.
The IMF said staff visits are standard practice for countries conducting semi-annual program reviews and are intended to communicate with authorities and other stakeholders on economic developments and policies in the country and the status of planned reforms.