Pakistan reforms restore confidence, market access: IMF

Dubai: Pakistan’s implementation of economic reforms has helped preserve stability, restore confidence and regain access to international markets, International Monetary Fund Managing Director Kristalina Georgieva has said.

Georgieva made the assessment after meeting Prime Minister Shehbaz Sharif on the sidelines of the 81st UN General Assembly in New York, with Pakistan’s forthcoming IMF programme review among the issues discussed.

“Strong implementation has helped preserve stability, restore confidence and regain market access,” Georgieva said in a post on X.

She said continued reforms could help lift economic growth and improve living standards.

During the meeting, Shehbaz reaffirmed his government’s commitment to the IMF-backed reform programme and said Pakistan was moving from macroeconomic stabilisation towards economic recovery despite regional conflict and external inflationary pressures.

“I reaffirmed our government’s strong ownership of the reform agenda and our resolve to stay the course,” he said in a social media post.

The prime minister pointed to improved fiscal discipline, stronger external buffers and what he described as growing investor confidence.

He also highlighted the government’s National Tariff Regime, efforts to increase domestic revenue mobilisation and progress on privatisation as part of its wider economic reform programme.

Shehbaz said the government would continue implementing reforms while seeking to protect vulnerable sections of the population from their impact.

According to Geo News, Georgieva welcomed Pakistan’s performance under the IMF programme and said the government’s stabilisation efforts were producing tangible results.

The meeting comes ahead of Pakistan’s next IMF programme review, which will assess progress on commitments agreed with the lender.

The two sides discussed continued cooperation on reforms aimed at strengthening Pakistan’s economic resilience and supporting sustainable growth.

Shehbaz also thanked the IMF for its continued support and praised Georgieva’s role in developing what he described as a constructive partnership between Pakistan and the Fund.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Adviser on Privatisation Muhammad Ali, Special Assistant to the Prime Minister Tariq Fatemi and other senior officials attended the meeting.

Meanwhile, Pakistan has cut petrol and high-speed diesel prices as the country rolls out a new daily fuel-pricing mechanism designed to pass changes in international oil prices more quickly to consumers.

The government reduced the price of petrol by Rs1.93 per litre to Rs390.12, while high-speed diesel was cut by Rs4.21 to Rs414.75 per litre, according to a Petroleum Division notification.

The revised prices took effect on September 24.

The Oil and Gas Regulatory Authority (Ogra) has also begun publishing daily petroleum prices on its website as Pakistan shifts away from longer pricing cycles amid volatility in global energy markets.

Petroleum Minister Ali Pervaiz Malik said prices under the new system would be calculated using a seven-day average of international market rates.

The government moved to daily reviews after previously switching from fortnightly to weekly adjustments following the outbreak of the Middle East conflict on February 28.

Under the new framework approved by the federal cabinet, Ogra will issue daily ex-depot prices for petrol and high-speed diesel without requiring prior approval from the prime minister or federal government.

Prices announced on Fridays will remain unchanged on Saturdays and Sundays.

The mechanism also sets limits on changes to the petroleum levy. Any adjustment to the levy rate will require Finance Division approval, while the levy cannot exceed the ceiling approved by the cabinet.

The framework also changes fuel import arrangements for the 2026-27 fiscal year. High-speed diesel imports will be routed exclusively through Pakistan State Oil, while other oil marketing companies will be permitted to import petrol according to their market shares.

Companies that fail to meet their import or fuel upliftment obligations could be denied fresh import permissions for up to nine months.

Kerosene and light diesel oil prices will also be determined daily under the new mechanism.