Islamabad: An IMF delegation will reach Islamabad on November 12 to review the financial condition of the country under Article IV, said Finance Secretary Dr Waqar Masood.
He said the IMF team has no apprehension on the law and order situation in Pakistan, as earlier it had shown some hesitation to visit the country due to Abbotabad operation against Al-Qaida Chief Osama bin Ladin.
The delegation will consider the fiscal problems being faced by Pakistan, availability of funds and macro-economics analysis. An organisation with the name of IMF Institute is imparting training tot the financials managers of every member country.
Pakistan had rejoined the programme of IMF in 2008 under temporary arrangements. At that time the IMF put hard conditions on Pakistan including financial reforms including Reformed General Sales Tax (RGST), which were to be imposed from 2009 but the government was reluctant to implement the RGST as the rulers thought that it would politically harm them. The IMF extended the deadline twice for one year each.
When the government could neither bring fiscal reforms nor introduce RGST by June 2011, the IMF had stopped two installments of loan and finally the Fund said good-bye to Pakistan in September 2011 despite the fact that Pakistan was desirous to prolong IMF’s programme in future.
The government exhibited the people that Pakistan quitted IMF but as a matter of fact it was the IMF that left Pakistan’s support due to non-implementation of financial reforms in the country.
Under Article IV of its Articles of Agreement, the IMF has a mandate to exercise surveillance over the economic, financial and exchange rate policies of its members to ensure the effective operation of the international monetary system.
The IMF’s appraisal of such policies involves a comprehensive analysis of the general economic situation and policy strategy of each member country. The IMF economists visit the member country, usually once a year, to collect and analyse data and hold discussions with government and central bank officials.
Upon its return, the staff submits a report to the IMF’s Executive Board for discussion. The Board’s views are subsequently summarised and transmitted to the country’s authorities.
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