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The International Monetary Fund (IMF) has shown its readiness to collaborate with Pakistan, according to statements made by Jihad Azour, Director of IMF’s Middle East and Central Asia Department.
Azour brought attention to Pakistan’s keen interest in a fresh bailout program, highlighting the nation’s significant economic potential and the imperative to tackle its pressing economic hurdles.
Moreover, Azour stressed the IMF’s preparedness to offer assistance to Pakistan, placing emphasis on the necessity of economic and structural reforms over solely focusing on the size of the bailout package. He lauded Pakistan’s recent endeavors, recognizing them as a chance to stabilize the economy.
Azour also mentioned the positive outcome of the recent economic review of Pakistan and indicated that the final review will soon be up for approval.
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Regarding the objectives of the new program, Azour outlined its aims to uphold macroeconomic stability while curbing the budget deficit. He emphasized the need to fortify the revenue situation to improve Pakistan’s financial position and effectively handle its debt.
Additionally, Azour highlighted the potential for further social aid and underscored the urgency for reforms in the energy sector as vital priorities. He also stressed the significance of enhancing the business environment, particularly in supporting the private sector and boosting exports.
Concluding his remarks, Azour acknowledged the favorable market response to recent economic measures and the enhancement in foreign exchange reserves. He also mentioned the eagerness of Pakistan’s bilateral partners to provide additional financial assistance.
In essence, the IMF’s willingness to collaborate with Pakistan underscores a shared dedication to confronting economic challenges and nurturing sustainable growth.