IMF supports Pakistan’s emerging market

Mian Arshad

Islamabad —Monetary Fund (IMF) reiterated support to Pakistan in its efforts to emerge as a full-fledged emerging market.
IMF Managing Director Christine Lagarde has sent a letter to Finance Minister Ishaq Dar saying that Pakistan has achieved a great deal over the past three years in the context of IMF supported programme by restoring macroeconomic stability, strengthening the economy’s resilience and setting the stage for a deeper structural transformation to achieve higher and more inclusive growth.
Christine Lagarde visited Pakistan 24-26 October, this year and her meetings including a call on the Prime Minister, official talks with the Finance Minister and the government’s economic team.
In her letter, she also congratulated the Finance Minister Ishaq Dar for his accomplishments and appreciated the opportunity her visit accorded for holding engaging discussions on the government’s ongoing economic reform programme.
On the other hand, Finance Minister Ishaq Dar has directed for inter-ministerial consultation to determine Pakistan’s readiness for accession to other international conventions and protocols which create transparency and openness in governance.
While chairing a meeting to review the steps being taken by the government to ensure good governance, improve transparency and to curb the menace of corruption, he said that Pakistan had recently become a signatory to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
He said that Pakistan’s fiscal regime stands strengthened by joining this Convention, which will bring further transparency and openness in governance. The Finance Minister directed that inter-ministerial consultation should be undertaken to determine Pakistan’s readiness for accession to other international conventions and protocols which create transparency and openness in governance. He said that OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and the Open Government Partnership (OGP), an initiative of the UK Government should both be reviewed and recommendations should be made on Pakistan’s preparedness for joining these multilateral fora.

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