IMF mission unlikely to meet political parties in Pakistan visit

ISLAMABAD: The International Monetary Fund (IMF) review mission is unlikely to meet political parties during its visit to Pakistan as talks for the next installment under the standby programme are underway, ARY News reported on Saturday, citing sources.

An IMF review mission landed in Pakistan on November 2 and reviewed the country’s progress on targets set in a $3 billion programme approved in July this year to bail out the struggling economy.

The IMF executive board had approved the nine-month standby arrangement (SBA) with Pakistan “to support its economic stabilisation programme”. Following the approval by IMF board, the lender disbursed an installment of $1.1 billion to Pakistan.

If the second quarterly review is successful, it will allow for the release of the second tranche worth $710 million.

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Sources told ARY News that the IMF review mission is unlikely to meet political parties as no schedule has been finalised.

Sources, quoting global lender officials, said that the IMF representatives had met the political parties in July 2023 for necessary assurances.

“IMF had sought assurances from the political parties for the implementation of the standby programme,” they added.

Read More: IMF appreciates Pakistan’s commitments to meet targets

It is pertinent to mention here that the caretaker government and the International Monetary Fund (IMF) kicked off the much-awaited loan review talks.

A day earlier, interim Finance Minister Shamshad Akhtar briefed the International Monetary Fund (IMF) mission on the steps being taken by the government to “improve the economic situation”.

A statement issued by the Ministry of Finance said that the finance minister welcomed the delegation and shared progress on the SBA.

“The minister briefed the mission on fiscal measures being taken by the government to improve the economic situation,” the statement said.

It added that the meeting also included discussions on comprehensive reforms and measures undertaken by the Federal Board of Revenue (FBR) and the government’s strategies to address the circular debt issue.