Pakistan discusses crucial reforms in meetings with the World Bank, IMF

WASHINGTON: A delegation from Pakistan, led by Secretary of Finance Imdadullah Bosal and State Bank Governor Jameel Ahmad, attended crucial annual meetings with the World Bank and International Monetary Fund (IMF) in Washington DC.

Their mission: to discuss strategies for enhancing Pakistan’s economic stability and development.

In a series of important discussions, the delegation outlined the government’s initiatives aimed at achieving financial stability through reforms in revenue generation, energy, and public institutions.

The focus is on moving from mere stability to sustainable growth.

One notable meeting was with Alvarez & Marsal, chaired by former State Bank Governor Dr. Raza Baqir. Here, the team explored ways to regain access to both domestic and international capital markets.

This is vital for Pakistan, which aims to boost its external financing options.

The delegation also met with Jihad Azur, the IMF Director for the Middle East and Central Asia. They expressed gratitude for the IMF’s ongoing support, particularly the recently approved $7 billion Extended Fund Facility (EFF).

Azur praised Pakistan’s commitment to financial reforms, highlighting the significance of the country’s new funding programme and the need for continued reforms.

In a further engagement, the delegation sat down with IMF Deputy Managing Director Kenji Okamura. Discussions in this meeting revolved around mobilising fiscal resources, with a focus on expanding the tax base and rationalising subsidies.

The talks also addressed the importance of private sector growth and environmental sustainability, particularly in the context of the IMF’s Resilience and Sustainability Fund.

Overall, the meetings underscored Pakistan’s dedication to transforming its economy through strategic reforms, aiming to create a more resilient and sustainable financial future.

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