IMF chief praises ‘essential’ economic steps by Nawaz govt

Published September 25, 2013
Prime Minister Nawaz Sharif holds a meeting with IMF delegation in New York on Tuesday. – Photo by Online
Prime Minister Nawaz Sharif holds a meeting with IMF delegation in New York on Tuesday. – Photo by Online

UNITED NATIONS: International Monetary Fund (IMF) chief Christine Lagarde Tuesday expressed appreciation for the “tough but essential” steps by Pakistan government to stabilize the economy at a meeting with Prime Minister Nawaz Sharif.

During the meeting, which took place on the sideline of the UN General Assembly, the prime minister briefed the IMF managing director about his commitment of implementing the structural reforms and meeting the growth and inflation targets in line with his overall vision of reforming the economy.

In this context, the prime minister underlined the priority areas of his economic policy including broadening the tax net, privatisation reforms in the public sector entities and managing the fiscal deficit.

While appreciating those steps, Lagarde said the extended fund facility of $6.64 billion, approved by the IMF board, should help Pakistan improve the medium term growth outlook and help move towards sustainable fiscal and macro-economic stability.

Despite warning Pakistan of worse economic growth next year due to strict austerity measures built into the rescue loan, the fund had assured last week that it was willing to work with the country’s political and business leaders for unlocking its abundant economic potentials.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Silencing the public
Updated 21 Feb, 2024

Silencing the public

Acting as if it is unaccountable, it is now curtailing citizens’ digital rights without even bothering to come up with a justification.
Fitch’s concern
Updated 21 Feb, 2024

Fitch’s concern

It warns that “near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF to succeed the Stand-by Arrangement”.
Zoo zealotry
Updated 21 Feb, 2024

Zoo zealotry

IN a bizarre twist of faith and fur, the Indian right-wing Hindu nationalist group, Vishwa Hindu Parishad, has...
Open the books
Updated 20 Feb, 2024

Open the books

Irregularities have been so widespread that even otherwise impartial observers are joining the chorus of voices demanding a recount.
BRICS candidacy
Updated 20 Feb, 2024

BRICS candidacy

For Pakistan to successfully join BRICS or compete in other arenas internationally, the political instability at home needs to be addressed.
Pneumonia menace
20 Feb, 2024

Pneumonia menace

PANIC is on the rise as the alarming surge in pneumonia cases has created an explosion of headlines — sans...