WASHINGTON: Jihad Azour Director Middle East and Central Asia Department (MCD) at International Monetary Fund (IMF), has emphasised importance of “Staying course” on reforms as Pakistan remains enrolled in 37-month, $ 7-billion Extended Fund Facility with Washington-based lender. Remarks came during Azour’s meeting with Pakistani delegation, which included Finance Secretary Imdad Ullah Bosal and Governor State Bank of Pakistan Jameel Ahmad among others.

As per statement released by Finance Division during, Jihad Azour congratulated Pakistan on successful start of Fund’s latest programme, while emphasising importance of staying course on reforms. “IMF Director stressed need for continuation of reforms in Pakistan and continued support to IMF’s Extended Fund Facility for Pakistan,” read statement.

Meanwhile, Pakistani delegation thanked IMF for providing support to Pakistan’s economic stability, especially for recently approved $ 7 billion EFF. “Delegation outlined government’s efforts towards fiscal consolidation, revenue expansion, energy and state-owned enterprises reforms, aimed at transitioning Pakistan from stabilisation to growth,” read statement.

Meanwhile, IMF current programme also includes 22 structural benchmarks and conditionalities, including not granting tax amnesties, not issuing any new preferential tax treatment (including exemptions, zero rating, tax credits, accelerated depreciation allowances, or special rates), as well as average premium between interbank and open market rate to be no more than 1.25 percent during any consecutive 5 business days.