A senior official from the International Monetary Fund (IMF) has emphasized the importance of maintaining reform efforts in Pakistan, which have been crucial in securing essential funding from the institution.
This statement came during a meeting in Washington on Tuesday with Jihad Azour, the IMF’s Director of the Middle East and Central Asia Department, as part of a high-level Pakistani delegation.
The delegation, led by Federal Minister for Finance Muhammad Aurangzeb, is attending the Annual Meetings of the World Bank Group and the IMF in Washington, D.C., from October 21-26.
Other key members of the delegation include Finance Secretary Imdad Ullah Bosal, Secretary of Economic Affairs Dr. Kazim Niaz, and State Bank of Pakistan Governor Jameel Ahmad.
During the meeting, the Pakistani officials expressed gratitude to the IMF for its ongoing support, particularly highlighting the recently approved $7 billion Extended Fund Facility. They detailed the government’s commitment to fiscal consolidation, revenue expansion, and reforms in the energy sector and state-owned enterprises, all aimed at transitioning the country from stabilization to growth.
Additionally, the Pakistani delegation met with representatives from Alvarez & Marsal Sovereign Advisory Services, including Managing Director Dr. Reza Baqir and Division Executive Peter Briggs.
The Alvarez & Marsal team congratulated Pakistan on successfully concluding the Extended Fund Facility with the IMF and discussed potential strategies for accessing international capital markets and external creditors.
They outlined the necessary steps for Pakistan to establish a more rapid pathway to capital markets, emphasizing the need for a well-sequenced strategy to achieve these goals. This ongoing dialogue reflects Pakistan’s efforts to secure a stable economic future amidst challenging circumstances.
