ISLAMABAD: The resident representative of the International Monetary Fund (IMF) has called on Pakistan to move beyond macroeconomic stabilisation and undertake deeper structural reforms, including provincial tax mobilisation, governance improvements, energy sector restructuring and reduction in business costs.
According to a press release, IMF Resident Representative Dr Mahir Binici stated this while speaking at the closing plenary, titled ‘Where Reforms Matter the Most for Growth’, organised at the concluding ceremony of the 29th Sustainable Development Conference by the Sustainable Development Policy Institute (SDPI) here on Thursday.
The IMF representative stressed that Pakistan needed to translate macroeconomic stability into higher investment, productivity and exports.
Dr Mahir Binici said the country had already undertaken the difficult task of restoring macroeconomic stability, but sustaining these gains required well-sequenced and consistent structural reforms.
He identified five key reform priorities: preserving macroeconomic stability, improving resource allocation, reducingthe cost of doing business, developing a growth-friendly fiscal system and strengthening governance.
Mr Binici said emerging and developing economies like Pakistan needed to mobilise revenues equivalent to at least 15pc of GDP to build a strong state capable of delivering essential public services.