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 The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, commended the Pakistani government for its commitment to maintaining economic stability and implementing reforms in a timely manner.

In a social media post on X (formerly known as Twitter), Georgieva shared that she met with Caretaker Prime Minister Anwaar-ul-Haq Kakar at COP28. During their interaction, they discussed the noteworthy progress made by the government in sustaining economic stability and effectively implementing planned reforms.

The Caretaker Prime Minister engaged in informal interactions with various world leaders on the sidelines of the COP28 summit, including a discussion with Georgieva. This acknowledgment comes at a time when Pakistan, operating under a caretaker government, remains part of an IMF program.

In July, Pakistan entered into a Stand-By Arrangement (SBA) with the IMF to address default concerns. The $3 billion SBA program facilitated a $1.2 billion disbursement as the first tranche in July, providing crucial support to Pakistan's foreign exchange reserves. This agreement also opened doors for inflows from multilateral and bilateral partners such as Saudi Arabia, UAE, and the World Bank.

The IMF program has offered a reprieve to Pakistan's economy, which has grappled with a longstanding boom-and-bust cycle. Last month, the IMF staff and Pakistani authorities reached a staff-level agreement on the first review of the SBA program, with the government anticipating approval from the IMF's executive board in December.

Georgieva, speaking to Bloomberg TV weeks ago, praised Pakistani authorities for their commitment to the IMF program despite challenging circumstances. She acknowledged the Caretaker Finance Minister and Pakistani authorities for adhering to the program in difficult times.

Highlighting a significant concern, Georgieva emphasized the lower tax collection in Pakistan, noting that the tax-to-GDP ratio stands at 12%, while suggesting that it should be at least 15% to sustain the country's functioning. She urged authorities to focus on tax collection to ensure adequate revenues for Pakistan's needs.