As the International Monetary Fund (IMF) programme is closing towards the expiration date, the global money lender has said they are in contact with authorities of Pakistan to organise a board meeting. The update indicates that there would be a staff-level agreement for the $1.1 billion bailout, and then a board meeting to review the programme would take place.
The staff-level agreement kept getting delayed since November. In terms of days, there has been a delay of 100 days since the staff-level mission last visited Pakistan. Hence, this is the longest gap that has occurred after the programme was launched in 2008.
According to IMF Mission Chief for Pakistan Nathan Porter, the negotiations between the two sides would talk about restoring the functionality of foreign exchange proper market, adequate financing, and federal budget abiding by the goals.
Porter added that Pakistan would have to initiate sustained policy efforts and reforms to overcome current challenges regarding the economy and finance. He also commented on the political scenario of country and said that IMF hopes that future matters move by following the constitution and rule of law.
Finance Minister Ishaq Dar’s brief on Sunday
Ishaq Dar said that Pakistan would share the details of budget with IMF and would appreciate the ninth review getting cleared before the arrival of budget. The finance ministry would present the budget in June.
Dar also pointed out that a situation where ninth and tenth reviews of the bailout are combined won’t work in favour of Pakistan.