The International Monetary Fund (IMF) has expressed its willingness to collaborate with Pakistan, as revealed by Director of IMF's Middle East and Central Asia Department Jihad Azour.
Azour highlighted Pakistan's interest in a new bailout program, emphasising the nation's significant economic potential. He underscored that the objective of the proposed program is to address crucial economic challenges faced by Pakistan.
Furthermore, Azour stressed that the IMF stands prepared to extend cooperation to Pakistan, emphasising the importance of economic and structural reforms over the mere size of the bailout package. He commended Pakistan's recent efforts, noting that they have provided an opportunity to stabilize the economy.
Azour emphasised the success of the recent economic review of Pakistan and indicated that the final review will soon be presented for approval.
Detailing the objectives of the new program, Azour stated that it aims to maintain macroeconomic stability while reducing the budget deficit. He emphasized the importance of strengthening the revenue situation to bolster Pakistan's financial standing and effectively manage its debt.
Moreover, Azour highlighted the potential for additional social assistance and the need for reforms in the energy sector as critical priorities. He also emphasized the importance of improving the business environment, with a focus on supporting the private sector and enhancing exports.
Azour concluded by noting the positive market response to recent economic measures and the improvement in foreign exchange reserves. He mentioned that Pakistan's bilateral partners are also eager to provide additional financial support.
Overall, the IMF's readiness to cooperate with Pakistan underscores a mutual commitment to addressing economic challenges and fostering sustainable growth.
