Islamabad (The COW News Digital) Pakistan is preparing to introduce a wide-ranging package of 174 legal amendments in Parliament as part of efforts to meet conditions attached to the country’s $7 billion Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF).
The development was discussed during a meeting of the National Assembly Standing Committee on Finance and Revenue, where Finance Secretary Imdadullah Bosal briefed lawmakers on the ongoing IMF programme, the next loan tranche and the policy commitments linked to it.
According to the briefing, the government will have to secure parliamentary approval for legal changes across several key areas of the economy. The proposed amendments are linked to reforms in taxation, the energy sector, privatisation, the Sovereign Wealth Fund, sugar policy, Islamic banking and financial stability.
The scale of the proposed legislative package highlights the broad nature of the reform agenda associated with Pakistan’s current IMF programme. The measures are intended to provide the legal framework required for implementing commitments made under the agreement.
During the committee meeting, lawmakers also reviewed matters concerning the privatisation of power distribution companies (DISCOs) and issues related to the proposed sale of a 75 percent stake in Pakistan International Airlines (PIA).
The committee also discussed ways to strengthen parliamentary oversight of major economic reforms. Proposals concerning austerity measures, taxation reforms and changes in the energy sector were considered as part of the broader review of the government’s economic commitments.
Officials informed the meeting that formal review talks with the IMF have already commenced. The government is currently working on the required legal and policy measures aimed at fulfilling the conditions associated with the programme and progressing toward the next disbursement.
The IMF review is being closely watched as Pakistan seeks to maintain progress under the $7 billion EFF arrangement while addressing structural challenges in its economy. The legislative measures being prepared by the government are expected to cover multiple sectors and could require extensive parliamentary debate before approval.
The meeting also examined the government’s sugar policy. Officials told the committee that three provinces have agreed with the proposed policy, while one province has raised certain reservations. The issue remains under discussion as authorities work toward a broader consensus.
The committee’s deliberations come as the government continues implementing fiscal and structural reforms under the IMF programme. Besides legislation, the programme includes measures relating to taxation, energy-sector restructuring, public-sector reforms and privatisation.
The proposed 174 amendments therefore represent a significant legislative component of Pakistan’s ongoing economic reform process. Their progress through Parliament will be closely monitored, particularly because several of the measures involve major sectors of the economy and could affect government finances, energy management, taxation and state-owned enterprises.
As the IMF review process moves forward, the government faces the task of translating its commitments under the programme into legislation while securing parliamentary consideration of the proposed reforms.
