International Monetary Fund (IMF) Director of Communications Julie Kozek said that addressing Pakistan’s structural challenges will likely require sustained reforms over the medium term to underpin the economic transformation needed.
During a briefing in Washington, he stressed the importance of these reforms to strengthen the prospects for inclusive growth and create an enabling environment to attract private capital inflows.
“And of course, we at the IMF, we are always ready to work with Pakistan,” he noted.
On July 12, the IMF’s Executive Board approved a 9-month standby arrangement for Pakistan in the amount of $3 billion. The immediate distribution reached nearly $1.2 billion.
He said the new program would anchor the authorities’ immediate efforts to stabilize the economy.
Providing a framework of financing from multilateral and bilateral partners to support Pakistan, with adequate protection for the most vulnerable.
He further said that implementation of a stable policy in the coming period is inevitable.
This will be critical to the success of the program and, of course, ultimately, to the aid and support of the people of Pakistan.
The purpose of the standby [administration] is to support the Authority’s immediate efforts to stabilize the economy.
The program ensures that the current balance of required payments is met.
Although this is a relatively short programme, it gives Pakistan time to implement key policies to strengthen the domestic and external economic situation, thereby contributing to sustainability.
