IMF stresses key reforms in meeting with Pakistani delegation

A top official of the International Monetary Fund (IMF) has called on Pakistan to stay on the course of reforms which helped Islamabad secure a fresh loan programme from the creditor.

During a high-level meeting between a Pakistani delegation and IMF Director of Middle East and Central Asia Department Jihad Azour, in Washington on Tuesday as per the statement issued by the Ministry of Finance.

It is to be noted that Federal Minister for Finance Muhammad Aurangzeb is leading the Pakistan delegation to the Annual Meetings of the World Bank Group and IMF, being held in Washington DC from October 21-26.

Other delegates include Finance Secretary Imdad Ullah Bosal, Secretary Economic Affairs Dr Kazim Niaz, and State Bank of Pakistan's Governor Jameel Ahmad, the ministry added.

The delegation thanked the IMF for its continued support to Pakistan, especially for the recently approved $7 billion Extended Fund Facility.

The delegation outlined the government's efforts towards fiscal consolidation, revenue expansion, energy and SOE reforms, aimed at transitioning Pakistan from stabilisation to growth.

Meanwhile, the Pakistan delegation held a meeting with the representatives of Alvarez & Marsal Sovereign Advisory Services, comprising Dr Reza Baqir, Managing Director and Global Practice Leader, Peter Briggs, Division Executive for Sovereign Advisory Services, and Thibaud Fourcade.

The Alvarez & Marsal team congratulated Pakistan on the successful conclusion of the EFF with the IMF and discussed various approaches through which Pakistan could access the international capital markets and external creditors.

The team outlined the steps needed for the country to chart an accelerated path to capital markets following a well-sequenced strategy.