IMF MD urges Pakistan for reforms in energy sector

ISLAMABAD: International Monetary Fund (IMF) Managing Director, Kristalina Georgieva has urged Pakistan to ‘work hard’ for the implementation of the programme given by the fund for the uplift of the economy. 

The IMF MD in her statement about Pakistan said that the SBA loan programme is an opportunity for Islamabad to have macroeconomic stability. “Pakistan must act with full dedication to the program”.

Urging Pakistan for reforms in the energy sector, Georgieva asked to maintain a balance in the cost of producing electricity and its consumers’ rate.

She also said targeted subsidies in the power sector should be improved.

The IMF has also called for monitoring the banking system and improving the efficiency of the institutions، “The revenue needs to be improved for social and development costs, and financial management of unnecessary expenses should also be curtailed۔

The IMF MD also warned the lack of implementation of the policies of the loan programme will result in a further increase in inflation in Pakistan.

IMF approves loan programme for Pakistan

The International Monetary Fund (IMF) on Wednesday night approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.

As per details, the loan was approved by the Executive Board of the International Monetary Fund (IMF).

According to official statement, the International Monetary Fund directed to immediately disburse $1.2 billion while the remaining $1.8 billion will be scheduled in November and February in two installments after reviewing the policies.