Pakistan told 174 legal amendments needed under IMF programme

Pakistan will need to introduce 174 legal amendments in Parliament to meet the conditions attached to its $7 billion International Monetary Fund programme, the National Assembly's Standing Committee on Finance and Revenue has been told. Finance Secretary Imdadullah Bosal briefed the committee on the programme, the next loan tranche and wider economic matters, according to the account of the meeting.

According to the finance secretary, the IMF wants all 174 amendments approved by Parliament as part of the commitments made under the Extended Fund Facility. The measures span taxation, energy reforms, privatisation, the Sovereign Wealth Fund, sugar policy, Islamic banking and financial stability. The committee also reviewed the conditions attached to the programme and progress on their implementation.

The committee was informed that three provinces have reached agreement on sugar policy, while one province retains reservations. Members also discussed the proposed privatisation of power distribution companies and the potential sale of a 75 per cent stake in Pakistan International Airlines. Proposals to strengthen parliamentary oversight of austerity measures, taxation and energy-sector reforms were considered as well.

Formal review talks with the IMF mission have begun, with Pakistan seeking to meet the programme's conditions and secure the next tranche under the Extended Fund Facility. Legislation on the Sovereign Wealth Fund is among the measures the government is required to address.