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The International Monetary Fund (IMF) has voiced concerns over obstacles deterring foreign investment in Pakistan, particularly pointing to issues within the judiciary, such as contract enforcement, protection of property rights, and overall judicial performance, according to Samaa TV.
During a meeting with the President of the Supreme Court Bar Association, Mian Rauf Atta, the IMF mission emphasised that inefficiencies in the legal system are a major deterrent for international investors. Samaa TV reported that the meeting, which also included Mir Attaullah Langau, President of the Balochistan High Court Bar, and Barrister Sarfraz Metlo, President of the Sindh High Court Bar, resulted in a joint statement outlining the discussions. According to reports, both sides acknowledged that achieving meaningful reform will require a combination of political stability, sound governance, and economic resilience. The report said that beyond judicial matters, the IMF mission also met with Cabinet Division officials to review anti-corruption strategies and institutional capacity building. Further, a technical session with the Federal Board of Revenue (FBR) covered the Revenue Mobilization Initiative, tax base expansion, and measures to enhance tax collection. As Samaa TV highlighted, the IMF has wrapped up its assessment, and a final report is anticipated in July. The International Monetary Fund and Pakistan have had a long history a frequently complicated relationship characterized by repeated economic crises. Since becoming an IMF member in 1950, Pakistan has signed more than 20 financial aid programs meant to stabilize its economy, resolve balance of payments problems, and finance structural adjustments. Mismanagement of the economy, budget deficits, and weak foreign exchange reserves have consistently led Pakistan to return to the IMF for assistance. The IMF continues to call for governance, judicial efficiency, and anti-corruption reforms to establish a more investor-friendly environment. These issues have come to the fore as Pakistan struggles with rising debt, a declining tax base, and falling foreign investment. The relationship continues to be crucial, with IMF reviews shaping world investor perceptions about Pakistan's economic prospects. (ANI)
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