WASHINGTON: The International Monetary Fund (IMF) has approved the latest review of Pakistan’s economic reform programme, clearing the way for the release of nearly $1.2 billion under the country’s ongoing financial support arrangement.
Finance Minister Muhammad Aurangzeb confirmed the decision on Friday, describing it as a sign of international confidence in Pakistan’s economic policies and reform efforts. The approval was granted during a meeting of the IMF Executive Board in Washington.
The latest package includes around $1 billion under the Extended Fund Facility and nearly $200 million through the Resilience and Sustainability Facility. With this release, Pakistan has now received about $4.5 billion under the current programme.
According to the IMF, Pakistan met important targets linked to taxation, fiscal management and energy sector reforms. The programme aims to strengthen the economy, rebuild foreign exchange reserves and control inflation amid global and regional economic pressures.
The government has also committed to widening the tax base, improving tax collection and continuing reforms in the power sector to reduce circular debt.
An IMF delegation is expected to visit Islamabad on May 15 to discuss the upcoming federal budget and assess progress on further economic reforms.
