ISLAMABAD: The International Monetary Fund (IMF) has expressed reservations over Pakistan’s failure to amend laws governing 10 institutions, including those related to IT, commerce, maritime affairs, railways, and water resources, and has sought an explanation from the government, sources said.
Pakistan is currently engaged in the second review talks with the IMF for the release of the next $1.2 billion tranche.
While the government has expressed satisfaction with the progress of discussions, the IMF has flagged concerns that some key targets under the Memorandum of Economic and Financial Policies remain unmet.
Officials said that amendments were required by June this year but that could not be completed.
These amendments were related to the Port Qasim Authority Act, Gwadar Port Ordinance, and Karachi Port Trust Act of 1980, while a draft amendment to the Pakistan Telecommunication Re-organization Act has yet to be shared.
Sources said that the State Life Insurance Corporation (Nationalization Order) is still under review, proposed amendments to the WAPDA Act have been delayed, consultations on the Pakistan Railways Act 1890 are ongoing, the draft Exim Bank Act is prepared but not approved, and changes to the National Bank Act are linked to the Sovereign Wealth Fund Act.
The officials further stated that Pakistan and the IMF also held detailed discussions on refinancing schemes, with the Fund emphasising the need to strengthen export and trade financing.
The IMF mission was informed that measures were being taken to improve credit flow and support priority sectors, along with efforts to make the Exim Bank operational soon.
Earlier, Finance Minister Muhammad Aurangzeb laid out a broad economic roadmap centered on tax reforms, private sector empowerment, and strategic investment alignment. He shared these ideas during his keynote address at the Pakistan Business Summit being held in Peshawar on Thursday.