Pakistan’s interim Finance Minister Shamshad Akhtar has said that the caretaker government has introduced reforms, including for the implementation of the IMF’s bailout programme, to put the cash-strapped country’s economy back on track to progress, according to a media report on Sunday.
Her remarks came ahead of a visit by the International Monetary Fund team to Pakistan, to hold talks with the officials of the country for the release of $710 million, second tranche of a $3 billion loan to the cash-strapped country.
The IMF programme’s implementation was on a steady course during the first quarter of the current fiscal year, the caretaker minister announced on the sidelines of a meeting with the Korangi Association of Trade and Industry representatives on Saturday, just four days before the official review of the IMF’s $3 billion Standby Arrangement.
The finance minister was joined by high-ranking tax officials at the meeting.
Dawn reported that Akhtar said the IMF team is scheduled to arrive in Pakistan on Nov. 2. She said that Pakistan has successfully met all agreed-upon targets for the first quarter of FY24, and all proposed measures have been effectively put into action.
The minister said the caretaker government has taken additional steps that are beneficial for the nation. “Not all our actions are solely for the IMF,” she said.
The government, she said, had expedited the execution of IMF and World Bank-recommended reforms across various initiatives and an economic revival programme had been finalised.
“We will soon upload the draft programme report on the ministry website,” she said, adding that the essence of the programme is to achieve sustainable growth led by the private sector.
She outlined key components of a strategic plan to bolster the nation’s economy, including the implementation of national credit schemes for small and medium enterprises and the establishment of an export-import bank.
The minister affirmed that the caretaker government is implementing stringent measures to revive the economy and expressed confidence in the rapid improvement of the country’s economic situation. She also noted significant growth in various sectors during the first quarter, indicating a robust resurgence in economic activities. On inflation, she stated that it was on a downward trajectory. She clarified that while inflation has been reined in, it could resurface due to external factors such as rising commodity prices.
She also disclosed that electricity and gas prices have been adjusted to reflect market rates and will continue to be revised in accordance with market fluctuations.
