IMF reaffirms commitment to boost Pakistan's economic growth

May 09, 2024 (MLN): The International Monetary Fund (IMF) Resident Representative Esther Pérez Ruiz on Thursday reiterated IMF's support for capacity building to accelerate economic growth in Pakistan, said a press release issued today. 

During her visit to the Competition Commission of Pakistan (CCP), she underscored the significance of competition in driving exports and attracting foreign direct investment (FDI).

Dr. Sidhu Chairman of CCP briefed Ms. Ruiz on CCP's ongoing initiatives aimed at policing cartels to enhance competition, aligning with the government's policies for sustainable economic growth. 

The Chairman emphasized the critical role of taxation, remittances, and exports in attracting foreign direct investment, noting that market competition plays a vital role in this regard.

He pointed out that for Pakistani products and services to compete effectively in international markets, a competitive environment is essential.

He also highlighted that inefficiencies arise when there is a mismatch between demand and supply, and it is society that ultimately bears the cost of such inefficiencies.

CCP has a major role in curbing the cartels and concerted, collusive practices to bring efficiency. In this regard, one of the recent initiatives include the establishment of a Market Intelligence Unit (MIU) marking a transition from reactive to proactive enforcement.

Simultaneously, reviewing legal and regulatory frameworks in various sectors of the economy is another priority area for the CCP for promoting competition, said Dr Sidhu.

The meeting between Ms. Ruiz and Dr. Sidhu signifies a continued dialogue between international organizations and Pakistani authorities to promote economic stability and growth through fair competition practices.

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