The Ministry of Finance has dismissed speculation regarding “hiccups” in the International Monetary Fund (IMF) programme, reaffirming that it is “progressing smoothly”.
“The IMF programme is proceeding smoothly, with no disruptions, as the Government of Pakistan remains fully committed to meeting all the conditionalities and ensuring the successful completion of the 37-month program in close coordination with the IMF staff,” stated the ministry in a press release on Tuesday.
The ministry reaffirmed that Minister for Finance and Revenue Muhammad Aurangzeb has consistently emphasised upon the government’s continued commitment to macroeconomic reforms.
“In a recent briefing to the National Assembly Standing Committee on Finance, the minister reiterated that adhering to the IMF program is critical for achieving lasting macroeconomic stability.
“Any speculation regarding ‘hiccups’ in the program’s implementation is based on one’s subjective interpretations and lacks credible evidence,” read the statement.
The ministry said the government remains focused on maintaining economic stability and fulfilling all obligations under the IMF programme “with diligence and transparency, aiming to lay the foundation for stronger, sustainable, and inclusive growth”.
Speaking on Monday, Aurangzeb said there was no room but to stay the course of the reform agenda to ensure it is the last IMF programme and long-term economic development.
“The key message by the multilateral and bilateral partners, as well as, local think-tanks for Pakistan is to stay the course of reform agenda including taxation, energy and state-owned entities (SOEs), as well as, public finances,” said the minister, while briefing the National Assembly Standing Committee on Finance.
In September, the IMF Executive Board approved the 37-month, $7-billion Extended Fund Facility for Pakistan, an unusual move as it is rare for the fund to discuss reforms ahead of a review of the reform plan under the loan programme.
The first review of Pakistan’s reforms is due in the first quarter of 2025.
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