The economic team, headed by caretaker Finance Minister Dr Shamshad Akhtar, has briefed the visiting International Monetary Fund (IMF) team about its performance, and assured it of full implementation of the $3 billion loan program. The visiting delegation has asked Pakistan to strictly implement all the targets. Finance Ministry sources said the IMF delegation also appreciated the actions of the economic team. The Pakistan side committed to meet all the targets set by the IMF. It briefed the visiting mission that almost all targets set for the first quarter of the fiscal year have been met. As per the briefing, the tax collection of the Federal Board of Revenue and the Petroleum Development Levy exceeded their targets. The team further said that the electricity and gas tariff had been increased and reforms were underway to control the circular debt.

Reforms in government institutions were also underway, while the policy of market-based exchange rate was being implemented. The IMF team was told that the Benazir Income Support Program budget had been increased for protection of the poor. It was also informed of the efforts for improving foreign exchange reserves and attract external financing. The government expressed its determination to continue efforts for sustainable economic reforms. An IMF visiting delegation led by Nathan Porter reached the Finance Ministry for talks on the country’s economic review.

In the first phase, technical-level talks will be held between the two sides. State Bank of Pakistan Governor Jameel Ahmed also attended the meeting. Prior to the talks with the IMF team, an important meeting, presided over by the caretaker finance minister, was held at the ministry to review the economic situation of the country. Ministers of energy, privatisation, and planning, as well as the Federal Board of Revenue chairman attended the meeting.

The caretaker finance minister briefed the economic team on the implementation of targets and preparations. The finance minister directed other ministers and officials of the finance division to be fully prepared for the negotiations. An economic review under the Standby Arrangement loan program will take place from today with the IMF mission. An initial implementation report on the targets will be submitted to the IMF mission, as per the Finance Ministry. An eight-member review mission of the International Monetary Fund (IMF) reached Pakistan for negotiations with the finance team. Sources said the IMF team is scheduled to stay in Pakistan till November 15.

 The series of meetings between the two sides is expected to deliberate on Pakistan’s economic performance during the first quarter of the ongoing financial year. The IMF mission is expected to meet a delegation of the Finance Ministry, led by caretaker Finance Minister Shamshad Akhtar. After the introductory session, technical negotiations between the relevant parties will begin.

 
Credit: Independent News Pakistan (INP)