Pakistan govt’s policies geared towards economic stability: IMF official

WASHINGTON: Head of International Monetary Fund (IMF) Mission to Pakistan, Nathan Porter Wednesday expressed satisfaction over the recent staff-level agreement with Pakistan on a $3 billion standby arrangement, saying the present government’s policies reflected its commitment to stabilize the economy of the country.

“With that base, hopefully, we can build on and be able to move forward to the reforms to build a stronger, prosperous and inclusive Pakistan,” he said at an event hosted by Pakistan’s Ambassador to the US, Masood Khan, for the representatives of International Financial Institutions (IFIs) — IMF, International Finance Corporation (IFC), World Bank (WB), and Multilateral Investment Guarantee Agency (MIGA), at Pakistan House.

Porter also expressed appreciation for the cooperation and the policies pursued by the State Bank of Pakistan for ensuring fiscal stability in the country. In his remarks to over 40 officials from IFIs, Ambassador Masood Khan said Pakistan government was grateful to them for their steadfast support in navigating through the country’s difficult economic period.

“The past year was difficult for Pakistan,” he said. “We have passed through a wrenching transition and we are moving toward a new phase of stability.” “Our confidence stems from the people of Pakistan; we have a growing middle class and our human capital is increasing at a very fast pace,” the ambassador added. Athanasios Arvanitis, Deputy Director of IMF’s Middle East and Central Asia Department also expressed the hope that the elections in Pakistan would usher in a new beginning of reforms that the country needed to address its structural issues.

Ambassador Masood Khan said that digitization of Pakistan’s economy was creating new opportunities for young professionals to the lead role in steering the country towards a bright future. Pakistani professionals, he said, had proved their mettle and had made the entire nation proud of their accomplishments. Bahador Bijani, IMF’s Executive Director, noted the overall improvement in the economic situation, saying “Pakistani authorities have delivered.”

“I think the future for Pakistan is very bright. Pakistan is not just any country. It’s one of the most important countries in the region and in the world. Pakistanis deserve much more,” he said.

Syed Ali Abbas, Advisor IMF’ Mission Chief for UK, European Department hoped that with the successful completion of electoral process, Pakistan would move towards long-term progress. Aftab Qureshi from World Bank and Ms. Sidra Rehman from the IMF also spoke on the occasion, assuring their continued cooperation.