IMF calls for lowering trade barriers

The International Monetary Fund urged Pakistan on Thursday to shift its growth model away from the government’s pivotal role in economic decision-making to an emphasis on lowering trade barriers in order to stimulate production. The suggestions came from Esther Pérez Ruiz, the IMF resident representative for Pakistan, during an interaction at the Sustainable Development Policy Institute (SDPI) with a select group of civil society where the post-Stand-By Arrangement (SBA) of 2023 and key features of the recently approved Extended Fund Facility (EFF) came under discussion. Ms Esther spoke for the first time about Pakistan’s $7 billion EFF programme after the Fund’s executive board approved it last month. Esther, who has been making pre­sentations on this country’s economy since 2013, dwelt at length on the government’s inaction that resulted in economic sluggishness and the highest inflation rate ever.