Pakistan discusses financial reforms at IMF-World Bank meetings

October 22, 2024 (MLN): Pakistan's delegation, led by Secretary Finance Imdadullah Bosal and State Bank of Pakistan Governor Jameel Ahmad, held key meetings with leaders of the World Bank and International Monetary Fund (IMF) during the annual meetings in Washington DC.

The delegation discussed Pakistan’s efforts towards financial stability, indicating reforms in revenue growth, energy, and public institutions to shift the country from stability to sustained development.

During these meetings, the delegation highlighted the government's ongoing efforts to stabilize Pakistan's economy.

One key meeting took place with Alvarez & Marsal, led by former SBP Governor Dr. Raza Baqir. Discussions centred on restoring access to domestic and international capital markets, which is crucial for Pakistan as it seeks to enhance its external financing capabilities.

The delegation also met IMF Director for the Middle East and Central Asia, Jihad Azur, and thanked the IMF for its continued support, including the recently approved $7 billion Extended Fund Facility (EFF).

The talks emphasized Pakistan's commitment to financial reforms, revenue growth, energy sector improvements, and public institution reforms. Jihad Azur lauded Pakistan's launch of the fund program and stressed the importance of ongoing reforms.

In another key meeting, the delegation sat down with IMF Deputy Managing Director Kenji Okamura.

Discussions focused on fiscal resource mobilization, particularly through tax base expansion and subsidy rationalization, alongside private sector development and environmental sustainability under the IMF’s Resilience and Sustainability Fund.

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