Pakistan is optimistic about the successful completion of the initial review under the $3 billion standby arrangement (SBA) with the International Monetary Fund (IMF).
According to reports, the ongoing negotiations, now in their final phase, are anticipated to culminate positively, marking a crucial milestone.
Commencing on Monday, policy-level discussions between Pakistani authorities and the IMF are scheduled to persist until November 15, spearheaded by Finance Minister Shamshad Akhtar.
The Pakistani delegation, including key figures such as State Bank of Pakistan Governor Jameel Ahmad and Federal Board of Revenue Chairman Malik Amjed Zubair Tiwan, along with representatives from the finance and energy ministries, has been actively engaged in the deliberations. Nathan Porter leads the IMF team in this dialogue.
During the latest session, the IMF delegation articulated their recommendations and requirements, while technical-level talks involved the sharing of pertinent economic data with the international lender’s team, according to The News.
Sources within the finance ministry assert that Pakistan has diligently fulfilled all stipulated conditions set forth by the IMF.
It is anticipated that the staff-level agreement will be finalised during the ongoing policy-level talks, paving the way for the disbursement of approximately $700 million to Pakistan upon the successful completion of the first review.
Earlier this month, the IMF review mission commended the Pakistani government for its commendable progress towards economic recovery, as stated by the finance ministry.
The IMF’s $3 billion loan programme, sanctioned in July, played a pivotal role in averting a sovereign debt default. The initial tranche of $1.2 billion was disbursed in July, with the remaining amount contingent on subsequent reviews.
Finance Minister Shamshad Akhtar has unequivocally ruled out any requests to the IMF for an extension of the SBA programme’s timeframe or an increase in its size.
