A Pakistani delegation headed by Federal Finance Minister Mohammad Aurangzeb held a meeting with Director of International Monetary Fund (IMF) Jihad Azour in Washington, reported 24NewsHD TV channel on Tuesday.
During the meeting, Pakistani delegation thanked the IMF to repose their confidence on economic policies of incumbent government and for approval of $7 billion EFF (Extended Fund Facility).
The IMF team asked the Pakistani delegation to take measures for economic stability of the country and to generate more revenue.
The Pakistani delegation apprised IMF about reforms being introduced in power sector and other government-owned entities.
Meeting with Alvarez and Marsal Sovereign Advisory Services
Pakistan’s delegation, currently attending the World Bank Group and International Monetary Fund annual meetings in the United States, met with Alvarez & Marsal Sovereign Advisory Services wherein approaches were discussed through which Pakistan could access the international capital markets and external creditors.
Federal Minister for Finance and Revenue, Muhammad Aurangzeb is leading Pakistan delegation to the Annual Meetings WB and IMF, being held in Washington DC from 21-26 October 2024, according to press release issued by finance ministry.
Other delegates include, Finance Secretary, Imdad Ullah Bosal; Secretary Economic Affairs, Dr. Kazim Niaz and Governor, State Bank of Pakistan, Jameel Ahmad.
The Pakistani delegation held meeting with the representatives of Alvarez & Marsal Sovereign Advisory Services, comprising Managing Director and Global Practice Leader, Dr. Reza Baqir; Division Executive for Sovereign Advisory Services, Peter Briggs and Thibaud Fourcade.
Alvarez & Marsal team congratulated Pakistan on the successful conclusion of the Extended Fund Facility (EFF) with IMF.
The team outlined the steps needed for the country to chart an accelerated path to capital markets following a well-sequenced strategy and deliberated on ways to restore access to internal international capital markets and external creditors.
Meanwhile, the Pakistan delegation also held a meeting with Director Middle East and Central Asia Department (MCD) IMF, Jihad Azour.
Thanking the IMF for its continued support to Pakistan, especially for the recently approved US$7 billion Extended Fund Facility (EFF), the delegation outlined the government’s efforts towards fiscal consolidation, revenue expansion, energy and SOE reforms, aimed at transitioning Pakistan from stabilization to growth.
Congratulating Pakistan on the successful start of the Fund programme, Jihad Azour emphasized the importance of staying the course on reforms.
Reporter Waqas Azeem