IMF Satisfied With Pakistan

The International Monetary Fund (IMF) mission has commended the State Bank of Pakistan (SBP) for its recent briefing, indicating satisfaction with the progress made as they transition into the next phase of their economic review. The IMF team spent three days in Karachi, engaging with SBP officials and the Sindh government before proceeding to Islamabad for formal policy-level negotiations.

During their time in Pakistan, SBP officials provided the IMF with an update on the country's economic status, addressing key areas such as foreign exchange reserves, monetary policy, trade imports, and the dynamics of the foreign exchange market. The IMF mission expressed satisfaction with this comprehensive briefing.

One notable achievement highlighted during the briefing was Pakistan's successful maintenance of foreign exchange reserves surpassing $17 billion. The discussion also encompassed the current account situation and a notable increase in foreign direct investment, further bolstering the economic outlook.

Additionally, the Sindh government briefed the IMF on its role in contributing to the federal government's surplus budget. The report indicated that Sindh's tax revenue had reached Rs. 593 billion by June 30, while non-tax revenue had more than doubled, reaching over Rs. 80 billion. With this positive feedback, the IMF mission is poised to commence policy-level conversations with Pakistan's economic team in Islamabad, marking the fourth assessment under the country's $7 billion Extended Fund Facility (EFF) program.