On October 22, 2024, Pakistan’s delegation, led by Secretary Finance Imdad Ullah Bosal and State Bank Governor Jameel Ahmed, met with IMF Deputy Managing Director Kenji Okamura in Washington, D.C. The focus of their discussion was on ongoing reforms aimed at enhancing Pakistan’s economic situation.
The delegation highlighted several key strategies, including expanding the tax base, aligning the provincial Agriculture Income Tax with federal standards, rationalizing subsidies, lowering energy sector costs, and resizing government operations. They also explored ways to promote private sector growth, enhance resilience to climate change through financing, and ensure responsible monetary and external policies.
In another meeting, they expressed appreciation to Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, for the organization’s ongoing support, especially regarding the recently approved $7 billion Extended Fund Facility.
The Pakistani officials shared their plans focused on fiscal consolidation, increased revenue, and reforms in the energy and state-owned enterprises sectors, aiming to shift the economy from stabilization to sustainable growth. Azour congratulated Pakistan on successfully starting the Fund program and emphasized the need to continue reforms for lasting progress and stability.
Additionally, Federal Finance Minister Muhammad Aurangzeb has headed to the U.S. for the annual meetings of the IMF and World Bank, as confirmed by the Ministry of Finance. During his visit, he is expected to engage in high-level discussions with IMF and World Bank officials, as well as counterparts from countries including China, the UK, Saudi Arabia, the UAE, and Turkiye. Meetings with U.S. State and Treasury Department officials, along with representatives from global credit rating agencies and commercial banks, are also on his agenda to discuss Pakistan’s financial outlook and ongoing reforms.
