Speaking at the Sustainable Development Policy Institute in Islamabad, Ruiz praised the steps taken in 2023 to stabilize the economy, noting that the situation is gradually improving.

However, Ruiz also acknowledged the ongoing challenge of balancing micro and macroeconomic stability.

She emphasized the significance of recent economic stabilization efforts. The 2023 Stand-By Arrangement, she stated, has played a crucial role in strengthening economic stability, contributing to a resumption of economic growth and a reduction in inflation.

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Improvements in foreign exchange reserves and the reduction in policy rates during 2023 have also had a positive impact, according to Ruiz.

Looking ahead to 2024, Ruiz stressed the importance of maintaining strong policies to ensure the success of the lending program.

The IMF representative’s comments highlight both the progress made and the continued need for robust economic management in Pakistan.