The International Monetary Fund (IMF) is currently engaged in discussions with Pakistani officials regarding the upcoming review of its ongoing program, which aims to thoroughly evaluate the latest economic trends and the emerging risks that Pakistan is facing.
This information was conveyed by IMF Communications Director Julie Kozack during a press briefing held in Washington DC.
She warned that changing global circumstances, particularly in the Middle East, could negatively impact the already fragile economic outlook of the country.
Furthermore, she mentioned that the discussions would center on all developments that could influence Pakistan’s economy, including the situation in the Middle East, the rise in oil prices, the increase in fertiliser costs, and various aspects of the economic impact, such as the tightening of financial conditions, and how all these factors may affect Pakistan.
Ahead of the review, Kozack further stated that the IMF perceives the conflict in the Middle East as introducing new risks for the region, particularly through commodity price channels, which include rising oil and gas prices, increased fertiliser costs, and potential hikes in food prices.
On the other hand, for nations that export commodities, the balance of payments will improve due to the elevated prices, resulting in greater foreign currency inflows into the country from higher export prices, she further added.
FBR urges retailers to link businesses with IMF
Pakistan has integrated 12,861 significant retailers, which include shopping centers, textile and leather enterprises, as well as restaurants, into its Point of Sale (POS) system as part of its initiatives to fulfill the requirements established by the International Monetary Fund (IMF).
As stated by the Federal Board of Revenue (FBR), it is now compulsory for prominent retailers functioning within the country to connect their operations to the authority’s computerised system.
Officials indicated that this action is part of a broader effort to document various sectors of the economy in accordance with agreements made with the IMF.
Read more: Pakistan links major retailers to tax system under IMF conditions
