IMF acknowledges progress in economic reforms in Pakistan
The World Monetary Fund (IMF) has acknowledged progress in economic reforms in Pakistan. During a press briefing in Washington, IMF Director Communications Jerry Rice said the IMF’s staff mission is in Pakistan and talks with Pakistani officials are ongoing.
He said that another review of the Pakistani economy is being done under The World Monetary Fund program and detailed consultation on economic health is underway under Article Five.
On the other hand, Pakistani Ministry of Finance officials say talks between Pakistan and The World Monetary Fund are likely to be successfully completed today, acknowledging the IMF’s progress in economic reforms in Pakistan.
He said the IMF has had a heated debate on the issue of electricity, gas prices and circulation loans, as well as the assurance of increased non-tax revenue, including privatization of state-owned enterprises.
Finance officials say tax revenues and remittances are also on the rise, but the IMF called on Pakistani officials to increase tax revenue. Remember that Pakistan is likely to receive the next $ 45 million installments on the success of other economic review talks.
On July 3, 2019, the IMF approved a $ 6 billion loan for Pakistan, which will be issued periodically in three years’ time. Pakistan has so far received two installments of $ 1.4 billion in loans from the IMF.