Islamabad, In a significant development, the International Monetary Fund (IMF) has outlined a series of upcoming engagements and policy updates during a recent press briefing led by Julie Kozack, Director of Communications. The briefing, held under the embargo until 11:00 a.m. Eastern Time, highlighted the IMF’s strategic interactions and crucial policy discussions on a global scale.
According to International Monetary Fund, Managing Director Kristalina Georgieva is set to embark on a diplomatic and policy-focused journey, beginning with her visit to Bulgaria on March 11 and 12 to engage with country authorities in Sofia. Following this, Georgieva will travel to Cambridge, UK, on March 14 to deliver a keynote speech at King’s College on the legacy of John Maynard Keynes, a founding figure of the IMF and the World Bank. This engagement is part of the “Conversations at King’s” series and underscores the IMF’s commitment to fostering dialogue on global economic stability and growth.
The briefing further revealed that from March 23 to 27, Managing Director Georgieva, along with First Deputy Managing Director Gita Gopinath, will visit Beijing, China, for high-level discussions with Chinese authorities. Georgieva’s keynote speech at the China Development Forum in Beijing on March 24 is anticipated to address key issues pertaining to global economic development and cooperation.
Additionally, Deputy Managing Director Antoinette Sayeh is scheduled to visit Uruguay on March 13 and 14, marking her first official visit to the country. This visit aims to reinforce the IMF’s collaboration with Uruguayan authorities, the private sector, and engage in public dialogues to foster economic growth and stability.
In another strategic move, Deputy Managing Director Kenji Okamura will participate in the ASEAN Finance Ministers and Central Bank Governors Meeting in Lao PDR from April 3 to 6. Okamura’s engagement in a panel forum, titled “Making The Most of Opportunities in a Changing World,” signifies the IMF’s proactive approach to addressing global economic challenges and leveraging opportunities for sustainable development.
These announcements underscore the IMF’s active role in shaping global economic policies and fostering international cooperation to tackle prevailing economic challenges. The upcoming engagements reflect the Fund’s commitment to dialogue, policy reform, and sustainable economic growth across various regions.
Islamabad, In a significant move aimed at enhancing the framework for corporate restructuring, the Securities and Exchange Commission of Pakistan (SECP) has announced amendments to the Corporate Restructuring Companies Rules, 2019. These changes, under the directive of the federal government, are intended to create a more favorable environment for Corporate Restructuring Companies (CRCs), specializing in the acquisition and management of nonperforming assets from financial institutions in distress.
According to Securities and Exchange Commission of Pakistan, the amendments were developed following the enactment of the Corporate Restructuring Companies Act, 2021, with input from a wide range of stakeholders, including the State Bank of Pakistan, the International Finance Corporation, and the public. The revised rules introduce a number of key features, such as the creation of trusts, detailed procedures for the liquidation of these trusts by CRCs, and specifics regarding the composition and operation of the Corporate Restructuring Board (CRB). This board is tasked with processing and approving restructuring schemes proposed by CRCs, as well as overseeing matters related to appointments, governance, and budget allocations to ensure operational efficiency.
One of the critical aspects of the amendments is the facilitation of the liquidation process for trusts, enabling CRCs to more effectively acquire and manage nonperforming assets (NPAs) from financial institutions. This approach aims to segregate risks and rewards, offering appropriate compensation to investors and the possibility of significant returns. Additionally, the modifications to the CRB’s regulations are designed to streamline the approval process for restructuring schemes, thereby simplifying the path for distressed entities to rehabilitate and return to profitability.
These regulatory adjustments are poised to play a pivotal role in minimizing stressed assets within the banking sector, leveraging market-led solutions to relieve balance sheet pressures and contribute to overall economic stability. The full details of the amendments are available for review on the SECP’s official website.