ISLAMABAD: The International Monetary Fund (IMF) has decided to send its Review Mission to Islamabad on a quarterly basis, instead of the previously scheduled semiannual visits. This change comes after the IMF noted discrepancies in some data and the failure to meet targets outlined under the program.
An IMF mission led by Mr. Nathan Porter concluded a staff visit to Pakistan from November 12 to 15, 2024. During the visit, the IMF team met with senior officials from the federal and provincial governments, the State Bank of Pakistan, as well as representatives from the private sector.
At the end of the visit, Mr. Porter issued the following statement:
“We had constructive discussions with the authorities regarding their economic policy and reform efforts aimed at reducing vulnerabilities and laying the foundation for stronger, more sustainable growth. We agreed on the importance of continuing prudent fiscal and monetary policies, mobilizing revenue from untapped tax bases, and transferring greater social and development responsibilities to the provinces. Additionally, structural reforms in the energy sector and continued efforts to restore its viability are critical. Pakistan should also work to reduce state intervention in the economy and foster competition, which will help develop a dynamic private sector. Effective program implementation will lead to a more prosperous and inclusive Pakistan, improving living standards for all citizens.
We are encouraged by the authorities’ reaffirmed commitment to the economic reforms supported by the 2024 Extended Fund Facility (EFF). The next mission, associated with the first EFF review, is expected in the first quarter of 2025.”
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