International Monetary Fund (IMF) Director for Middle East and Central Asia Masood Ahmed held a roundtable discussion with a group of students from local universities to discuss the IMF and its program in Pakistan. Students from the Lahore School of Economics, Lahore College for Women University, Lahore University of Management Sciences, Beaconhouse National University and Forman Christian College University attended the discussion to share their views with the visiting IMF team. The roundtable was chaired by Masood Ahmed, Lahore School of Economics Rector Dr Shahid Amjad Chaudhry and Faculty of Economics Dean Dr Azam Chaudhry.
Dr Shahid Amjad Chaudhry welcomed the IMF director of the Middle East and Central Asia region, IMF Pakistan Mission Chief Herald Finger and IMF Resident Representative for Pakistan Tokhir Mirzoev.
Dr Chaudhry discussed the macroeconomic situation prevailing in Pakistan at the time when Pakistan entered the IMF program as well as the prevailing macroeconomic challenges faced by the country. He explained how macroeconomic imbalances in the economy led Pakistan into another IMF program and went on to discuss the strengths and weaknesses of IMF programs in general, as well as his experiences with the IMF during the interim government.
Masood Ahmed began by discussing the history and role of the IMF in the global economy and explained how the IMF assists countries in terms of technical assistance, macroeconomic advice and lending in case of macroeconomic crises. Ahmed then explained how the severe balance of payments crisis that Pakistan faced in 2013 led to a significant reduction in its foreign exchange reserves which in turn led the Pakistani government to seek the IMF assistance.
Finally, Ahmed explained how the IMF was different from other international agencies like the World Bank and the Asian Development Bank because these other institutions focus on development assistance with lending for specific projects and initiatives while the IMF focuses on macroeconomic stabilisation with a specific emphasis on fiscal deficits and exchange rate adjustments.