IMF lists aims of new reform programme for Pakistan

WASHINGTON: The International Monetary Fund (IMF) Thursday listed the aims of a new “reform programme” being negotiated with Pakistan for the last two months.

“It aims to cement economic credibility through the continued implementation of sound policies and to move Pakistan from economic stabilization to strong, inclusive, and resilient growth,” the Fund’s Director Communications Julie Kozack said during a press briefing.

The lender’s team was in Islamabad from May 13 through 23rd to kick-start the process for a new broader loan programme. Since then both sides have been “continuing to discuss policy goals and actions which could form the basis of a medium-term homegrown reform programme for Pakistan that could be supported under an EFF arrangement with the IMF,” Ms Kozack explained.

“The authorities’ programme, reform programme, under discussion has a few aims,” she said before listing them out. “Ultimately what is needed, of course, to improve the living standards in the lives of the people of Pakistan. And that is the goal of these programme discussions.” Consistent policy efforts under the recently completed 2023 Stand-By Arrangement brought Pakistan a return to stability, she said, repeating that the goal was to “maintain and broaden and extend that stability to lay the basis for sustainable growth.” She was asked what prior actions were remaining or required before reaching a Staff-Level Agreement. Without going into the details of those discussions between the IMF team and Pakistani authorities, she maintained that the talks were still ongoing.