IMF urges Pakistan to decrease state intervention in economy

The International Monetary Fund (IMF) has called on Pakistan to take steps to reduce state intervention in the economy and increase competition, which will help foster the development of a vibrant private sector. Porter concluded his staff visit to Pakistan on November 12.15, by 2024. During the visit, the IMF team met with senior officials of the federal and provincial governments and the State Bank, as well as representatives of the private sector. The staff visits are aimed at semi-annual program reviews and engagement with officials and other stakeholders on the country’s economic developments and the status of policies and planned reforms.”We held constructive discussions with the authorities on their economic policy and reform efforts to reduce vulnerabilities and lay the foundation for strong and sustainable growth. We continued to pursue prudent fiscal and monetary policies, use untapped tax bases Agreed on the need to mobilize revenue, transfer social and development responsibilities to provinces.”Furthermore, structural energy reforms and constructive efforts are critical to restoring the sector’s viability, and Pakistan should take steps to reduce state intervention in the economy and increase competition, allowing for a vibrant private sector.” A more prosperous and inclusive Pakistan can be created by improving the quality of life of all Pakistanis through robust implementation of the programme.