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February 18, 2025

IMF Staff Concludes the Scoping Mission for Governance and Corruption Diagnostic Assessment for Pakistan  

An International Monetary Fund (IMF) scoping mission visited Islamabad from February 6 to 14, 2025, to lay the groundwork for a Governance and Corruption Diagnostic Assessment (GCD) at the request of the Government of Pakistan. The focus of the mission was to preliminarily assess governance and corruption vulnerabilities across six core state functions. These include fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and anti-money laundering and countering the financing of terrorism (AML-CFT). Over the course of the mission, the IMF team engaged with the Finance Division, Federal Board of Revenue, State Bank of Pakistan, Auditor General of Pakistan, Securities & Exchange Commission of Pakistan, and Ministry of Law & Justice, and the Supreme Court of Pakistan. In addition, the IMF team met with a range of other stakeholders, including business associations, civil society organizations, and international development partners. The IMF appreciates the commitment of the Government of Pakistan to this exercise and looks forward to continuing our collaboration. The IMF team for the GCD assessment will return to Pakistan later in this year to continue gathering information and exploring opportunities to strengthen governance and integrity, and economic outcomes in preparation for the eventual assessment.

November 11, 2024

Outreach on the 2024 Extended Fund Facility with Pakistan  

The Resident Representative's office in Pakistan conducted outreach during October and November 2024 to discuss the key goals and policies under the recently approved 2024 Extended Fund Facility (EFF) in support of the authorities’ home-grown economic program. The events were hosted by prominent think tanks, academic institutions, and private sector organizations. During the discussions, participants highlighted the social impact of IMF reforms in Pakistan, as well as the interplay between energy policies, taxation under the EFF, and business growth. The Resident Representative outlined safeguards to protect real incomes and key social and development investments as fiscal consolidation progresses. She emphasized the need for structural reforms in the energy sector to sustainably reduce energy costs and the program’s focus on under-taxed sectors to create a more equitable taxation system. Additionally, she stressed the importance of fostering competition over subsidies for sustainable growth. Finally, she expressed optimism about the sustainability of reforms, noting the growing ownership of the reform agenda within Pakistan.

May 31, 2024

2024 Regional Economic Outlook for the Middle East and Central Asia: Outreach Mission to Pakistan  

The Res Rep office conducted outreach on the 2024 Regional Economic Outlook for the Middle East and Central Asia, engaging academic establishments and think tanks in Bahawalpur, Islamabad, Lahore, Faisalabad, Peshawar, and Sukkur. Over 500 participants attended, with counterparts acknowledging the relevance and rigor of the economic impact of conflicts.

May 14, 2024

International Chartered Management Accountants, Pakistan (ICMAP): Interview with Esther Perez, IMF Resident Representative in Pakistan  

The International Chartered Management Accountants, Pakistan (ICMAP), whose mission is to promote excellence amongst the liberal professions in the country, dedicated its 2024 March-April magazine to “Pakistan, IMF, and the Way”. In her interview with ICMAP, the IMF Resident Representative in Pakistan Ms. Esther Perez Ruiz, discussed the current economic situation and challenges facing Pakistan, and the IMF’s role in supporting Pakistan’s policies and reforms for economic stabilization and for stronger, more inclusive, and private-led growth that will benefit all Pakistanis.

May 10, 2024

Policy Outlook: A Conversation with Nathan Porter, IMF Mission Chief to Pakistan  

In his conversation with Policy Outlook at the magazine of Suleman Dawood School of Business (SDSB) 360, issue 6, 2003, Nathan Porter shares his impressive professional journey leading him to his current role as the International Monetary Fund (IMF) Mission Chief to Pakistan. Mr. Porter’s policy acumen gained through a variety of leadership roles in different countries of the IMF’s membership made him an invaluable asset in facilitating the successful implementation of the recently completed Stand-by Arrangements amidst acute macroeconomic and political economy challenges facing Pakistan. Nathan’s inspiring testimonial of his work in Pakistan offers a beam of hope to its young and entrepreneurial population, as well as the economically disadvantaged, given the social orientation of IMF policies.

December 1, 2023

REO Outreach in Pakistan: Nurturing Economic Dialogue with the Talented Youth  

The Res Rep office conducted outreach on the key findings and policy recommendations in the October 2023 REO for the Middle East and Central Asia. The events were hosted by seven academic establishments in Islamabad, Lahore, Karachi and Multan, attracting around 400 students and faculty. Participants expressed eagerness to comprehend the complexities of MENA and Pakistan-specific challenges of subdued growth, inflationary pressures, and higher-for-longer interest rates. The impact of escalating interest rates on countries’ external funding pressures, the already elevated sovereign-bank nexus, and further crowding out of financing for the private sector, resonated in the discussion. The engagements provided an opportunity to explain the rationale and social orientation of IMF-recommended stabilization and structural policies. The REO’s finding that well-packaged first-generation reforms can front load growth offered a beam hope amid ongoing macroeconomic adjustment and geo-economic risks surrounding the outlook. There was consensus on the need to build resilience through sound policies. Participants further demonstrated awareness of the broad challenges facing Pakistan, emphasizing the need for ambition structural reform alongside stabilization measures.

October 9, 2023

Engagement with Select Group of Pakistani Talented Youth  

The Resident Representative Office (RRO) in Pakistan engaged with 18 talented youth and applicants for the 2023 IMF Youth Fellowship Program, a competitive capacity building program that has attracted more than 9,000 applicants since its launch in August 2020. The fellowship provides an opportunity for young leaders between 20 and 35 years of age from across the world to become part of our global effort to build forward better and join the IMF at the forefront of the response to global economic challenges. 10 participates attended in person and 8 virtually to an event convened by the RRO to sponsor selected participants to experience the World Bank-IMF Annual Meetings in Marrakech (Morocco) in October 2023. The participants presented on various topics, including enhancing private-sector-led growth, the changing post-COVID nature of work, gender gap policies in labor markets, human capital investment, and financial inclusion in Pakistan. Pakistani Ms. Rimsha Rehan was selected by IMF’s headquarters to participate in an in-person workshop at the 2023 Marrakech Annual Meetings led by IMF’s Managing Director, Ms. Kristalina Georgieva, moderated by the Director of the Middle East and Central Asia Department, Mr. Jihad Azour.

July 5, 2023

Off-Record Session with Media Reporters  

Following the achievement of IMF Staff-level agreement with Pakistan on the US$ 3 billion Stand-By arrangement (SBA) the IMF’s Resident Representative Office in Pakistan organized in early July an off the record hybrid briefing session with prominent media reporters of Pakistan. A total of 15 reporters joined in person and virtually with representation from ARY News, Express Tribune, Business Recorder, Financial Times, Reuters, and Bloomberg. The Resident Representative, Ms. Pérez-Ruiz opened the session highlighting the broad contours of Staff-Level Agreement for the SBA emphasizing its importance for Pakistan’s macroeconomic stability by providing a policy anchor for addressing domestic and external imbalances and a framework for financial support from multilateral and bilateral partners. Following this the Ms. Pérez-Ruiz opened the floor for further queries and clarifications. The interactive session touched upon policy efforts towards the implementation of the FY24 budget with due protection of the most vulnerable; the restoration of a market determined exchange rate to reduce Pakistan’s external imbalance; an appropriately tight monetary policy aimed at disinflation; and continued reform efforts to improve energy sector viability, strengthen SOEs and governance, and build climate resilience, all paving the way for higher, more inclusive, and resilient growth.

March 15, 2023

Outreach on Inclusive Growth in Pakistan  

From March 15-17, the IMF's Middle East and Central Asia Department presented the book “Promoting Inclusive Growth in the Middle East and North Africa” at Pakistan's leading academic institutions and think tanks. The events attracted strong interest and facilitated a discussion on reforms that would generally promote higher, more inclusive growth in Pakistan, by streamlining state-owned enterprises, strengthening the business environment, and enhancing the education and skills of Pakistan’s labor force while reducing gender gaps.

December 31, 2022

Resident Representative in Pakistan conducts in-person outreach on the Middle East and Central Asia Department’s 2022 October Regional Economic Outlook at Pakistan’s premier academic institutions  

The IMF Resident Representative in Pakistan conducted during December 2022 in-person outreach at Pakistan’s premier academic institutions on the Middle East and Central Asia Department’s 2022 October Regional Economic Outlook (REO) flagship publication. The events were hosted by the Islamabad National University of Sciences and Technology, Lahore University of Management Sciences, and Karachi Institute of Business Administration (convening Bahria University, Muhammad A. Jinnah University, and Jinnah University for Women).

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