The International Monetary Fund (IMF) stands ready to assist Pakistan in implementing crucial reforms that will stabilize and improve the nation's economy. Pakistan is currently facing a severe cash shortage.
Jihad Azour, director of the IMF's Middle East and Central Asia Department, confirmed Pakistan's interest in a new program to address its current challenges. The ongoing IMF program in Pakistan, implemented ten months ago, has yielded positive results for the country's economic stability.
Following the successful conclusion of the recent program, the IMF intends to launch a new initiative to further assist Pakistan in overcoming significant economic imbalances and maintaining stability. This new program will prioritize preserving macroeconomic stability through continued fiscal improvements, particularly by reducing budget deficits and enhancing revenue generation.
These measures are essential for addressing Pakistan's debt and expanding social support services. Additionally, the program will focus on reforms in the energy sector and aim to bolster economic growth by enhancing the business environment and increasing export opportunities for the private sector.
Despite past program initiatives, Azour reaffirmed the IMF's unwavering commitment to supporting Pakistan as it seeks further assistance. He also highlighted the willingness of international bilateral partners to support Pakistan through this new program.
Pakistan's Finance Minister, Muhammad Aurangzeb, is currently in Washington, D.C., to attend IMF meetings and discuss these initiatives.
The IMF recently reached a staff-level agreement on the final review of Pakistan's stabilization program under a $3 billion standby arrangement approved last July. This agreement paves the way for continued support and collaboration between Pakistan and the IMF.