An International Monetary Fund (IMF) mission, led by Nathan Porter, concluded a staff visit to Pakistan from November 12 to 15, 2024. The IMF team engaged with senior officials from federal and provincial governments, the State Bank, and representatives from the private sector.
These staff visits are routine for countries undergoing semi-annual program reviews. They aim to engage with authorities and stakeholders on economic developments, policies, and planned reforms.
Nathan Porter issued a statement at the end of the visit: "We had constructive discussions with the authorities on their economic policy and reform efforts to reduce vulnerabilities and lay the basis for stronger and sustainable growth. We agreed with the need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces."
Porter also emphasized that "structural energy reforms and constructive efforts are critical to restore the sector’s viability," adding that Pakistan should "take steps to decrease state intervention in the economy and enhance competition," which would help develop a dynamic private sector. He noted that strong program implementation could lead to a more prosperous and inclusive Pakistan.
The IMF expressed encouragement over Pakistan's commitment to economic reforms supported by the 2024 Extended Fund Facility (EFF). The next mission related to the first EFF review is expected in early 2025.