IMF in touch with Pakistan authorities for board meeting

ISLAMABAD: IMF mission chief has said that the International Monetary Fund continues engagement with Pakistani authorities, to pave the way for a board meeting before expiry of financing programme.

The current IMF program expires at the end of June 2023.

Talking to foreign media, the IMF mission chief Nathan Porter said that “the engagement will focus on the restoration of foreign exchange, the passage of a FY24 budget consistent with programme goals and adequate financing.”

The staff-level agreement over the 9th review of IMF has been delayed since November, with more than 100 days gone since the last staff-level mission to Pakistan.

Ordinarily, a board meeting on a review of the programme would require a prior staff-level agreement, which would unlock $1.1 billion in financing for Pakistan as part of a $6.5bn IMF package.

Finance Minister Ishaq Dar said on Sunday that Pakistan will not default and overcome the economic crisis with or without the International Monetary Fund (IMF).

He added that foreign powers are surprised that Pakistan does not default so far.

He said that former prime minister Imran Khan had destroyed the national economy after coming into power adding that Imran Khan’s government got a $100 billion market from the previous PML-N government, but it was destroyed, and Pakistan had nearly defaulted.