International Monetary Fund (IMF) Managing Director Kristalina Georgieva has stated that its methods for implementing economic reforms have worked well in countries like Pakistan.
Speaking after the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, Georgieva said stronger reform implementation, domestic revenue mobilization and efforts to attract private investment at lower costs were key to tackling debt challenges in developing economies.
“Together with the World Bank, we have strengthened support for countries on reform implementation and domestic resource mobilization,” Georgieva said, adding that the approach had worked well in countries including Ecuador and Pakistan.
She said IMF and World Bank were also working to encourage greater private-sector investment and improve liability management operations.
Georgieva identified three broad areas for dealing with debt challenges in developing countries.
The first involves countries with unsustainable debt. The second focuses on countries with sustainable debt that are implementing reforms aimed at boosting economic growth. Pakistan was specifically mentioned under this part of the approach.
The third area involves maintaining sound economic fundamentals, including stronger debt transparency, debt-management capacity and relations between governments and investors.
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