IMF delegation to visit Pakistan this month

ISLAMABAD: A delegation of the International Monetary Fund will visit Islamabad to meet government officials this month, confirmed IMF’s Resident Representative for Pakistan Teresa Daban Sanchez.

The delegation will visit Pakistan to review the government’s economic performance during the first quarter of the current fiscal year.

Sanchez confirmed that the delegation will arrive in Pakistan on September 16 while the visit would ‘technical’ in its genre as the members will also discuss economic challenges with the government officials.

The State Bank of Pakistan (SBP) had received $1 billion from the International Monetary Fund (IMF) on July 10 as the first tranche of a bailout package for balance of payment support.

The Executive Board of the International Monetary Fund (IMF) in its Washington meeting on July 3 approved $6 billion loan for Pakistan under its bailout programme.

Pakistan’s government and the IMF had already signed staff agreement on May 12. The Executive Board of the IMF will give its final nod to the agreement under which Pakistan will receive six billion dollars loan package from the lender in three years under the extended fund facility.

The final budget measures passed by the assembly along with a report on compliance with all prior actions remained key elements in the board’s decision to grant Pakistan’s request for a $6 billion bailout facility.

The government in its budget proposals for the next financial year has added Rs. 357 billion loans from the IMF.

An IMF team will schedule its visits to Islamabad every three months to review the economic indicators of the country.