IMF Board meetings schedule set without Pakistan

ISLAMABAD: The International Monetary Fund (IMF) Executive Board has issued meetings scheduled till June 29 without Pakistan as the ninth review under the Extended Fund Facility (EFF) programme still remains pending, ARY News reported, citing sources.

Pakistan has barely enough currency reserves to cover one month’s imports. It had hoped to have $1.1 billion of the funds released in November – but the IMF has insisted on a number of conditions before it makes any more disbursements.

Sources privy to the development said the IMF had to meet for the release of $1.1 billion tranche under the 9th review of the EFF programme which is expiring on June 30.

Pakistani authorities are optimistic that the fund will complete the ninth review before the deadline and the meeting for the release of the tranche to Pakistan can be summoned at any time.

It may be noted that Prime Minister Shehbaz Sharif in his telephonic conversation with the IMF chief requested for the early completion of the 9th review for the release of the loan.

Read more: IMF says Pakistan ‘missed’ opportunity to broaden tax base

Last week, the International Monetary Fund (IMF) expressed dissatisfaction with Pakistan’s recently presented budget.

Policy talks are underway with Pakistan. However, the draft FY24 Budget ‘misses’ an opportunity to broaden the tax base in a more progressive way, Esther Perez Ruiz, the International Monetary Fund’s resident representative for Pakistan said.

Esther Perez Ruiz further added that the long list of new tax expenditures further reduces the fairness of the tax system and undercuts the resources needed for vulnerable recipients in the Benazir Income Support Programme.