ISLAMABAD, Sept 8: Pakistan would continue consultations with the International Monetary Fund (IMF) under Article-IV but it would not seek further economic assistance unless the IMF comes up with some concrete suggestions.

Informed sources told Dawn on Monday the IMF had prepared a paper on revival of the power utilities in Pakistan that would be finalised during a wrap-up meeting between the government and the visiting review mission on Tuesday.

The sources said the IMF was worried that Pakistan was ending the IMF programme on the completion of the ongoing $1.47 billion Poverty Reduction and Growth Facility (PRGF) in November next year.

Finance Minister Shaukat Aziz told the visiting IMF Executive Director Abbas Mirakhore at the last round of discussions with the sixth review mission that Pakistan appreciated IMF’s assistance in the past and would continue consultations under Article-IV but it would not seek further economic assistance.

He, however, asked the IMF executive director to give suggestions to formulate a strategy as to how to further consolidate the economic gains.

The IMF review mission would wrap-up its discussions with Pakistan authorities on Tuesday with major focus on the paper the IMF resident mission has produced for the revival of Wapda and KESC.

The sources said the review mission was satisfied with the performance of the government during the last fiscal year and had a soft approach even on some lapses in the power sector.

A Wapda official said the IMF was told that Wapda had reservations over some assumptions of the finance ministry in the preparation of revised financial improvement plan (FIP) and that slippages on line losses was due to reduction in investment to the tune of Rs2.5 billion.

The official said six out of eight distribution companies of Wapda had achieved line losses reduction target while Hyderabad and Peshawar electric supply companies fell short of target by 1.9 per cent and four per cent, respectively.

Meanwhile, an official statement said the IMF Executive Director Abbas Mirakhor asked the government to market Pakistan aggressively to attract attention of international investors, fund managers and other stakeholders as an attractive investment destination.

Abbas Mirakhor said Pakistan had a huge potential profile. If it stayed the course of reforms, he said, it was poised to achieve even higher growth trajectory to fully tap its economic resources. He said that he was pleased that the economic management of the country had political support and the process of continuity was visible on the radar screen.

He said that these gains could be further consolidated if Pakistan remained on the path of economic reforms and restructuring.

He underlined the need for continuing the reform path and said that Pakistan achieved economic stability due to macro- economic policies and reforms and not due to benefits of 9/11.