The International Monetary Fund (IMF) has sought around 174 amendments to Pakistan’s laws as the country moves toward the next review of its $7 billion Extended Fund Facility (EFF) program.
Finance Secretary Imdad Ullah Bosal told the National Assembly Standing Committee on Finance that Pakistan had received $4.1 billion under the program after completing three reviews. This leaves roughly $2.9 billion, or nearly $3 billion, still to be released under the $7 billion arrangement.
The proposed legal changes cover several areas, including financial-sector governance, state-owned enterprises, taxation, energy, privatization, the Sovereign Wealth Fund, sugar policy, remittances and Islamic banking.
Bosal said the government is preparing the amendments for Parliament, while making clear that their approval remains the prerogative of lawmakers.
The development comes ahead of the IMF’s next review mission, which is scheduled to begin on September 28.
The committee was also informed that Pakistan has made progress on some IMF requirements, including withdrawal of certain tax concessions and restrictions on supplementary grants, while targets related to energy-sector circular debt and education spending remain areas of concern.
