International Monetary Fund’s mission director for Pakistan Nathan Porter has said that the recent bailout package secured by the country could be its last if the reforms suggested by the lender are sincerely implemented and its advice is acted upon in letter and spirit.
Speaking to an American media outlet, Porter said that the IMF would ensure Islamabad retained a strong macro exchange rate and fiscal and monetary policies along with liberalising its economy enabling the private sector to contribute to the country’s economic development.
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The remarks come as the country, on September 25, secured the much-awaited approval of the Washington-based lender’s Executive Board for the $7 billion Extended Fund Facility (EFF).
Ever since, Pakistan has received the first tranche of $1.03 billion (SDR 760 million) pushing the foreign exchange reserves, as per the publication, to $10.7 billion.
The incumbent government has, time and again, expressed that it wants the existing bailout programme to be the country’s last.
Addressing the hurdles in Pakistan’s economic progress and the Fund’s role along with factors behind declining foreign investments, the IMF official elaborated on the country’s 24th loan programme and said that the first review of the ongoing debt programme would start in December and probably by March or April it would be sent to the board.
