A team from the International Monetary Fund (IMF) recently visited Pakistan to assess governance and praised the government’s commitment to the review process.
The IMF’s technical team was in Pakistan earlier this month to examine the country’s judicial and regulatory system as part of the ongoing $7 billion Extended Fund Facility (EFF), which aims to address governance and corruption issues.
During the visit, the delegation, led by Joel Turkewitz, met with Chief Justice of Pakistan Yahya Afridi to discuss judicial performance, governance, and reforms.
In a statement on its website, the IMF said its team was in Islamabad from February 6 to 14 to initiate a Governance and Corruption Diagnostic Assessment (GCD) at the government’s request. The IMF expressed appreciation for Pakistan’s commitment to the assessment and looked forward to further collaboration.
The IMF also announced that its team will return later this year to continue gathering information and exploring ways to improve governance, integrity, and economic stability in preparation for the final assessment.
The mission focused on six key areas: fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and anti-money laundering and countering the financing of terrorism (AML-CFT).
During the visit, the team engaged with Pakistan’s Finance Division, the Federal Board of Revenue, the State Bank of Pakistan, the Auditor General of Pakistan, the Securities & Exchange Commission, the Ministry of Law & Justice, and the Supreme Court. The IMF also held discussions with business associations, civil society organizations, and international development partners.
Pakistan is preparing for two more IMF visits related to securing over $1 billion in additional climate resilience funding and reviewing the ongoing $7 billion loan program.
The country formally requested $1 billion under the Resilience and Sustainability Trust (RSF) in October last year to address climate change-related risks.
Pl visit our website for more info:
Mahir Binici, the IMF’s resident representative in Islamabad, confirmed that an IMF team will visit in early to mid-March to discuss Pakistan’s Extended Fund Facility review and its request for RSF assistance.
Additionally, a technical team will arrive from February 24 to 28 to discuss technical aspects of the RSF arrangement, according to Finance Minister Muhammad Aurangzeb.
RSF funding is designed for nations committed to major reforms that improve resilience against climate disasters. It is offered on more favorable terms than EFF loans, with repayment over 30 years, including a 10-year grace period.
