IMF Mission
ISLAMABAD: Finance Minister Muhammad Aurangzeb recently addressed speculations surrounding the visit of the International Monetary Fund (IMF) mission to Pakistan, clarifying that there were no surprises during the discussions.
He emphasized that the government had shared Pakistan’s economic roadmap with IMF officials, dispelling concerns about unexpected measures being introduced during the mission’s visit.
The IMF mission, led by Nathan Porter, visited Pakistan from November 12 to 15. Aurangzeb explained that the discussions with the IMF did not raise any new issues that the government had not already anticipated.
He also highlighted that the federal government had not been pressured to introduce a mini-budget, dismissing rumors that the visit would necessitate new fiscal measures.
Additionally, he rejected claims about the introduction of additional taxes, reiterating that the government was in control of its fiscal policies.
During the visit, the IMF expressed its concern about Pakistan’s tax collection challenges, urging the country to broaden its tax base by targeting untapped revenue sources.
This call was part of the IMF’s broader agenda to assess Pakistan’s economic developments, review the status of planned reforms, and engage in discussions on key issues, including energy reforms, taxation, the privatisation of state-owned enterprises (SOEs), and public finance.
Aurangzeb emphasized the importance of continuous dialogue with the IMF, underscoring that the relationship was built on mutual trust and credibility.
The discussions also included topics such as climate resilience, with the IMF mission taking stock of Pakistan’s progress in addressing these challenges.
The finance minister confirmed that the conversations would continue virtually, and he welcomed the opportunity for further face-to-face meetings with IMF officials in the future.
Looking back, Aurangzeb shared insights from Pakistan’s delegation visit to Washington for the IMF-World Bank meetings, where Pakistani officials engaged with international stakeholders, including the IMF, World Bank, Asian Development Bank, and rating agencies.
He noted that positive meetings with major credit rating agencies, including Moody’s and Fitch, led to upgrades in Pakistan’s credit ratings in the first quarter of the fiscal year.
Aurangzeb also outlined the country’s economic progress under the government’s policies, citing a significant reduction in inflation—from 38% to 7%—and a decrease in the policy rate from 22% to 15%. Furthermore, foreign exchange reserves had improved from just two weeks of import cover to 2.5 months of import cover.
These achievements, the finance minister said, had garnered praise from international financial institutions and rating agencies.
Finally, Aurangzeb called for a united effort from all political parties, media, and stakeholders to develop charters on the environment and economy, emphasizing the importance of collective action to secure a sustainable and prosperous future for Pakistan’s next generations.
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