Govt working on 174 IMF-sought tweaks, NA panel told

The government is finalizing 174 IMF-requested modifications to laws governing financial institutions, state-owned enterprises, foreign remittances, climate change efforts, and currency integration, as part of two $8.4 billion programs currently underway. Finance Secretary Imdadullah Bosal informed the National Assembly Standing Committee on Finance and Revenue that the amendments would be presented to parliament for approval.

IMF Managing Director Kristalina Georgieva praised Pakistan's performance during a recent meeting with Prime Minister Shehbaz Sharif, praising the government's economic stabilization efforts. The Sovereign Wealth Fund, a consortium of state-owned firms including OGDCL and Pakistan State Oil, is a focal point for IMF discussions, aiming to align its governance and financial reporting with other state-owned enterprises.

The IMF has also raised concerns over remittance costs and proposed sugar policy reforms. Committee Chairman Naveed Qamar questioned the government's strategy for power distribution companies, specifically the fate of loss-making entities. The panel stressed that economic reforms should translate into tangible economic and social outcomes, not just compliance with benchmarks.

The finance secretary reported that approximately $4.5 billion has been disbursed under the IMF programs, with three reviews completed. Key commitments include parliamentary consideration of supplementary expenditure, energy-sector reforms, and the implementation of the National Fiscal Pact with the provinces.