IMF continues its engagement with govt: Porter

The International Monetary Fund (IMF) maintains its engagement with Pakistani authorities, focusing on the restoration of proper foreign exchange market functioning, the passage of the fiscal year 2024 budget consistent with programme goals, and adequate financing to allow for a Board meeting before the current programme expires at the end of June.

Nathan Porter, the IMF’s Mission Chief in Pakistan, claimed this.

He went on to say that overcoming the current economic and financial issues will necessitate persistent policy measures and reforms in order for Pakistan to re-establish strong and inclusive private-led growth.

Esther Perez Ruiz, the IMF’s Resident Representative in Pakistan, issued a statement in which she answered a number of recent press questions. You can credit Nathan Porter, she added.

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The following is the statement: “We are aware of recent political developments, and while we do not comment on domestic politics, we hope that a peaceful solution in accordance with the Constitution and the rule of law can be found.”

Maintaining strong policies and receiving adequate financing from partners will continue to be critical for Pakistan to preserve macroeconomic stability.

To that aim, IMF staff continues to work with Pakistani authorities to set up a Board meeting before the present programme expires at the end of June.

This engagement will centre on restoring effective foreign exchange market functioning, passing an FY24 budget that is compatible with programme aims, and enough funding.

Overcoming the current economic and financial issues would necessitate persistent governmental efforts and reforms in order for Pakistan to re-establish strong and inclusive private-led growth.

Strengthening domestic income mobilisation and minimising SOE losses to provide fiscal space is also crucial for long-term sustainability since they reduce inefficiencies that damage the private sector and allow for increased social and development spending.”

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