Pakistan’s Interim Finance Minister Shamshad Akhtar said on Sunday that the caretaker government has undertaken reforms to help the country’s cash-strapped economy recover. Akhtar stated that these reforms also cover the implementation of the IMF’s bailout programme for the Pakistani economy.
Akhtar’s comments came before the International Monetary Fund (IMF) team is set to visit the country to hold discussions with the officials regarding the release of the $710 million second tranche of a $3 billion loan given by the IMF to Pakistan, reported PTI citing news from Pakistani media agency, Dawn.
The minister, while speaking at the sidelines of a meeting with the Korangi Association of Trade and Industry representatives, noted that the IMF’s programme implementation was progressing steadily during the first quarter of the current fiscal year. This statement comes mere days before the official review of the IMF’s #3 billion Standby Arrangement takes place.
Akhtar further noted that the IMF team is set to arrive in Pakistan on November 2 and the country has met all the agreed-upon targets for Q1FY24, and all the suggested measures have been effectively implemented.
Reformative Measures
Elaborating on the execution of the reforms recommended by the IMF and the World Bank, Akhtar said, “We will soon upload the draft programme report on the ministry website.” The minister highlighted that some of the major factors involved in the plan to boost the country’s economy included the implementation of national credit schemes for small and medium enterprises and the setting up of an export-import bank.
The interim minister assured that the caretaker government is putting in place strict measures to help revive the Pakistani economy and expressed optimism about the country’s economic situation.
Commenting on inflation, Akhtar noted that it remained on a downward slope. She added that while inflation has been controlled to an extent, it could make a comeback due to external factors like surging commodity prices. She stated that the electricity and gas prices have also been modified to reflect market rates and will keep fluctuating in accordance with the market revisions.