IMF Raises Alarms Over Legal System Hindering Foreign Investments in Pakistan

The IMF has raised concerns about Pakistan's obstacles deterring foreign investment, focusing on judicial inefficiencies. A meeting discussed the need for political stability and governance reforms. The IMF also reviewed anti-corruption strategies. Pakistan's long relationship with the IMF underscores ongoing economic challenges.

The International Monetary Fund (IMF) has expressed serious concerns regarding obstacles that deter foreign investment in Pakistan, emphasizing weaknesses in the judiciary such as problems with contract enforcement, property rights protection, and judicial performance, according to a report by Samaa TV.

During a significant meeting with Mian Rauf Atta, President of the Supreme Court Bar Association, and other notable legal figures, the IMF highlighted that inefficiencies within the legal system present significant barriers for international investors. The discussion resulted in a joint statement acknowledging that achieving any meaningful reform demands political stability, sound governance, and economic resilience.

The IMF mission also held sessions with Cabinet Division officials to evaluate anti-corruption strategies and explore institutional capacity building. Additionally, a technical meeting with the Federal Board of Revenue (FBR) addressed topics such as expanding the tax base and enhancing tax collection measures. The final report from this assessment is expected in July.

(With inputs from agencies.)