IMF Reforms
British High Commissioner to Pakistan, Jane Marriott, has stressed the importance of Pakistan fully implementing its economic reform commitments under the agreement with the International Monetary Fund (IMF), warning that failure to do so could jeopardize the country’s access to crucial loan disbursements.
Speaking at the Islamabad Policy Research Institute (IPRI) on Monday, Marriott highlighted the critical nature of adhering to all reform commitments, emphasizing that not doing so could result in Pakistan losing access to IMF funding, which is vital for the country’s economic health and national stability.
Marriott expressed concern that the positive economic developments over the past year and a half might lead the government to ease up on reforms in a bid to provide relief to the public. She cautioned that such actions could undermine the reform process and the ongoing efforts to stabilize the economy.
The IMF had approved a $7 billion loan package for Pakistan in September, which included tough conditions such as fiscal discipline, tax policy reforms, and improvements in governance. Marriott warned that any deviation from these commitments could pose significant risks to Pakistan’s economic future.
One of the key points raised by the British High Commissioner was the necessity of strong political will to implement these reforms, which may be difficult for the government and the public to accept.
She emphasized that transparent communication with the public would be crucial to managing the potential backlash from reform measures.
In addition, Marriott highlighted the importance of transparency in renegotiating contracts with Independent Power Producers (IPPs) to maintain investor confidence.
She recommended that the principles for renegotiation be applied universally to foster a stable and predictable business environment.
Marriott also expressed concern about the ongoing internet slowdown in Pakistan, which has been causing problems for the IT sector.
The IT industry association has warned that continued disruptions could drive IT firms and freelancers out of the country.
The High Commissioner called on the government to address these issues promptly, underscoring the significance of the IT sector to Pakistan’s economy.
Finally, when questioned about the legal proceedings against former Prime Minister Imran Khan, Marriott refrained from commenting directly but stressed the importance of a transparent and fair legal process.
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