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IMF's to meet tomorrow; government will seek waivers as EFF performance criteria not met

KARACHI: The executive board meeting of International Monetary Fund (IMF) will meet tomorrow, it is expected that the board will approve third tranche of $550 million for Pakistan, ARY News reported.

IMF would meet to take up the staff report of the second review under Extended Fund Facility (EFF) with the request to grant waivers for non-compliance of two performance criteria. 

The executive board of IMF would review the economic progress of Pakistan for the months of October- December 2013, informed IMF officials.

After examining the performance the IMF executive board may approve third tranche of loan to Pakistan.

The government would seek waivers from the IMF for failure to meet two performance benchmarks: (i) borrowing from the State Bank of Pakistan (SBP) which stood at Rs 2,611 billion by end-December 2013 as opposed to the agreed target of Rs 2,560 billion; and (ii) ceiling on SBP stock of net foreign currency swap/forward position was set at Rs 2,255 billion for end-December 2013 but in fact was Rs 2,650 billion. 

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IMF's to meet tomorrow; government will seek waivers as EFF performance criteria not met

by Zohaib Kazmi