ISLAMABAD: The International Monetary Fund (IMF) Tuesday said that improved macroeconomic stability as well as strengthened external buffers and public finances would provide a solid foundation for the country’s economy.
Addressing a joint press conference with Finance Minister, Senator Muhammad Ishaq Dar here at a local hotel, the Managing Director IMF, Christine Lagarde congratulated Pakistan for successfully completing its three years programme with the Fund.She said the removal of many tax exemptions and concessions, coupled with higher tax collection, has allowed for greater public investment and social spending.
She said that about 1.5 million more poor households were benefiting from targeted social assistance than three years ago, which she said was success of the reform programme.
In addition, she said, the power outages have gradually decreased and the financial performance of the power sector has strengthened while the government has implemented a country-wide strategy to improve business climate.
However, she was of the view that although many achievements have been made but still there was much more to be done to promote economic stability.
“Much has been achieved and much more remains to be done, so this is Pakistan’s moment of opportunity to forcefully address remaining economic challenges and lay the foundation for more private sector job creation and higher living standards for all segments of the society,” she remarked.
She said that while the IMF-supported programme has been completed, Pakistan’s partnership with IMF continues through ongoing close policy dialogue and capacity building engagements, adding that the fund would continue support Pakistan to address economic challenges.
“I would like to reiterate the IMF’s support for Pakistan as the country moves forward to address its economic challenges and realize its vast economic potential,” she said.
