The economic team, led by caretaker Finance Minister Dr. Shamshad Akhtar, presented its performance to the visiting International Monetary Fund (IMF) delegation and assured full commitment to the $3 billion loan program. The IMF team urged strict adherence to all targets and commended the economic team’s actions.
Pakistan pledged to meet all IMF-set targets, highlighting that most targets for the first fiscal quarter had been achieved. The Federal Board of Revenue and the Petroleum Development Levy exceeded their tax collection targets. The government raised electricity and gas tariffs and initiated reforms to address the circular debt issue. Institutional reforms were also in progress, alongside the implementation of a market-based exchange rate policy.
The Benazir Income Support Program budget was increased to support the poor, and efforts were made to enhance foreign exchange reserves and attract external financing. The government affirmed its commitment to ongoing economic reforms.
A delegation from the IMF, led by Nathan Porter, visited the Finance Ministry for talks on the economic review of Pakistan. Technical-level discussions will take place in the first phase. State Bank of Pakistan Governor Jameel Ahmed participated in the meeting.
Before the IMF talks, an important meeting chaired by the caretaker finance minister was held at the ministry to review the country’s economic situation. Ministers of energy, privatisation, and planning, as well as the Federal Board of Revenue chairman, were in attendance. The finance minister emphasized the need for full preparation for negotiations.
An economic review under the Standby Arrangement loan program is underway with the IMF mission in Pakistan. An initial implementation report on the targets will be submitted to the IMF mission, according to the Finance Ministry.
An eight-member IMF review mission is in Pakistan for discussions with the finance team and is expected to remain until November 15. The meetings will focus on Pakistan’s economic performance in the first quarter of the current fiscal year. The IMF mission will meet with a delegation from the Finance Ministry, led by caretaker Finance Minister Shamshad Akhtar, and technical negotiations will follow an introductory session.
