IMF official stresses multi-sector reforms in meeting with Pakistani delegation

• FinMin Muhammad Aurangzeb leading Pakistani delegation.
• They hold meeting with top IMF official Jihad Azour.
• Delegation thanks IMF official for approval of $7bn loan.

A top official of the International Monetary Fund (IMF) has stressed that Pakistan should stay on the course of reforms — which had helped it secure crucial funding from the lender.

The development came during a high-level Pakistani delegation's meeting with IMF's Director of Middle East and Central Asia Department, Jihad Azour, in Washington on Tuesday, a statement from the Ministry of Finance said.

Federal Minister for Finance Muhammad Aurangzeb is leading the Pakistan delegation to the Annual Meetings of the World Bank Group and IMF, being held in Washington DC from October 21-26.

Other delegates include Finance Secretary Imdad Ullah Bosal, Secretary Economic Affairs Dr Kazim Niaz, and State Bank of Pakistan's Governor Jameel Ahmad, the ministry added.

The delegation thanked the IMF for its continued support to Pakistan, especially for the recently approved $7 billion Extended Fund Facility.

The delegation outlined the government's efforts towards fiscal consolidation, revenue expansion, energy and SOE reforms, aimed at transitioning Pakistan from stabilisation to growth.

Meanwhile, the Pakistan delegation held a meeting with the representatives of Alvarez & Marsal Sovereign Advisory Services, comprising Dr Reza Baqir, Managing Director and Global Practice Leader, Peter Briggs, Division Executive for Sovereign Advisory Services, and Thibaud Fourcade.

The Alvarez & Marsal team congratulated Pakistan on the successful conclusion of the EFF with the IMF and discussed various approaches through which Pakistan could access the international capital markets and external creditors.

The team outlined the steps needed for the country to chart an accelerated path to capital markets following a well-sequenced strategy.