The International Monetary Fund (IMF) was briefed on Tuesday by a Pakistani delegation regarding measures taken to expand fiscal space through tax and energy sector reforms.
In a warning, the money service affirmed that the designation met IMF’s Delegate Overseeing Chief Kenji Okamura in Washington and “featured measures to grow monetary space through widening the duty base, re-adjusting common AIT [Agriculture Pay Tax] system with bureaucratic personal expense system, justifying endowments rightsizing the public authority, and decreasing energy area costs”.
In addition to external sector policies, the finance ministry stated that the team briefed the IMF on measures to stimulate the private sector and pursue a prudent monetary policy.
The notification stated, “Steady implementation of reforms under the EFF [Extended Fund Facility] was also emphasised.”
The delegation includes the finance secretary, economic affairs secretary, governor of the State Bank of Pakistan, and other high-ranking Washington officials in addition to the finance minister. During their week-long visit, they are expected to hold high-level discussions with representatives from the IMF and World Bank.
It is essential to keep in mind that the delegation has bilateral meetings scheduled with counterparts from China, Saudi Arabia, Turkey, and other friendly nations in addition to discussions with senior representatives from the US Treasury Department. The World Bank and IMF meetings are scheduled for October 21–26.
The current year’s gatherings hold specific importance for Pakistan, following the IMF’s new endorsement of a $7 billion credit expected to assist with settling the nation’s striving economy.
Yesterday, the Pakistani delegation met with the Middle East and Central Asia Director of the IMF, Jihad Azour, and discussed the government’s efforts to reform energy and state-owned enterprises, revenue expansion, and fiscal consolidation.
