Pakistan prepares 174 legislative changes at IMF’s request — Dawn

In Pakistan, the government is preparing around 174 amendments to laws sought by the International Monetary Fund under two programmes worth a total of $8.4 billion. Finance Ministry Secretary Imdadullah Bosal told the parliamentary committee on finance and revenue in Islamabad, Dawn reports.

According to Bosal, the proposed changes concern financial sector governance, state-owned enterprises, remittances from abroad, climate change and local currency integration. Once prepared, they are to be submitted to parliament, which will make the final decision.

Review of IMF programmes

On September 28, an IMF mission is expected to begin talks on the fourth review of the $7 billion Extended Fund Facility programme and the third review of the Resilience and Sustainability Facility. According to the Finance Ministry secretary, the fund has already disbursed approximately $4.5 billion to Pakistan, and the parties have completed three programme reviews.

Earlier, IMF Managing Director Kristalina Georgieva, during a meeting with Prime Minister Shehbaz Sharif on the sidelines of the UN General Assembly, positively assessed Pakistan’s implementation of the programme and the government’s efforts to stabilise the economy.

More current news is available on the UA.News Telegram channel Telegram.

Sovereign fund and remittances

Among the topics of the talks are amendments to legislation on the Sovereign Wealth Fund, which includes five major companies, including OGDCL and Pakistan State Oil. The IMF wants the corporate governance and financial reporting standards of these enterprises to comply with the requirements applicable to other state-owned companies.

The government is also discussing remittances with the fund, which are important for the country’s external stability. Bosal said Pakistan had already abolished subsidies for remittances, which had previously exceeded 120 billion rupees, as the IMF opposed such a mechanism.

The review benchmarks also include liberalisation of sugar market policy. The federal government has circulated a draft of the relevant policy: three provinces approved it, while another expressed reservations. Members of the parliamentary committee, meanwhile, demanded that reforms be assessed not only by formal fulfilment of conditions but also by their economic and social outcomes.