Pakistan Set to Achieve Higher Growth

The International Monetary Fund Managing Director Christine Lagarde said that over the last three years Pakistan has set the stage for a deeper structural transformation to achieve higher and more inclusive economic growth.

By restoring macroeconomic stability and strengthening the economy’s resilience Pakistan has achieved a great deal over the past three years in the context of its IMF-supported program, she said in a letter written to Minister for Finance Ishaq Dar, APP reported.

IMF chief congratulated the finance minister for his accomplishments and appreciated the opportunity accorded to her to visit Pakistan for holding engaging discussions on the government’s ongoing economic reform program.

Lagarde visited Pakistan from October 24-26, during which she held a range of meetings, including a meeting Prime Minister Nawaz Sharif, holding official talks with the finance minister and the government’s economic team.

Lagarde, in her letter dated November 2, reiterated the IMF’s support to Pakistan in completing its transformation to a fully fledged emerging market, according to a Finance Ministry press release issued Saturday.

Just three years ago, the country was on the brink of an economic crisis, the IMF said late October. Today, and thanks to the authorities’ homegrown program of reforms that the IMF supported, the economy is on a much stronger footing. Public finances have improved considerably, external reserve buffers have been rebuilt, and growth has been gradually strengthening. These are very encouraging developments.