The visiting
IMF Post Programme Monitoring Mission has held various rounds of technical
discussions with the Pakistan side at the Ministry of Finance over the
last week. The Pakistan side is led by Secretary Finance, Mr. Shahid Mahmood
while Mr. Harald Finger is leading the IMF team, in discussions
covering a host of areas including macroeconomic situation, developments in
energy, fiscal, financial, monetary and social sectors.
In the opening session, Secretary Finance shared with the IMF
delegation an overview of the economy, stating that it was on track and key
economic indicators were moving in the positive direction. He mentioned that
significant growth has been achieved in revenue generation in the current
fiscal year. He said that Pakistan has achieved fiscal consolidation without
compromising on expenditures on development and social protection. He added the
government has set its eyes on achieving 6% GDP growth which is inclusive,
pro-poor and sustainable. Secretary Finance also briefly touched upon recent
successful launch of Sukuk and Euro Bond with the IMF delegation.
IMF delegation appreciated Pakistan’s efforts in maintaining
macro-economic stability and noted impressive economic growth in Pakistan
despite multiple challenges.
On Friday the Mission met
Mr. Tariq Bajwa, Governor State Bank of Pakistan. Over the week, the
mission also held meetings with the Ministries of Commerce, Railways,
Pakistan Bureau of Statistics, OGRA and SECP. It also met senior
officials in other ministries including Energy, Planning Development and
Reforms, State Bank of Pakistan, Federal Board of Revenue, BISP and NEPRA and
held technical discussions on key areas.
The Post Program Monitoring is an annual feature of the Fund whereby
overall, economic conditions of a member country, which is no more in a program
relationship and owes funds to the IMF, are monitored and a report is
presented to the Executive Board of the Fund. It may be recalled that the
last IMF mission level visit to Pakistan took place in late 2013. The current
visit is taking place after a gap of over 3 years, reflecting improved security
conditions as well as the economic performance of the country and growing trust
of the international community.
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