IMF ready to send mission to Pakistan after cabinet formation

ISLAMABAD: The International Monetary Fund (IMF) is ready to send its mission to Islamabad for the second economic review after the formation of PM Shehbaz Sharif’s cabinet, ARY News reported on Friday quoting sources.

The IMF Director of Communications said that the focus currently is on completing the ongoing Stand-By Program, which is ending in April 2024, a mission for the second review of the Stand-By Program will be dispatched immediately after the formation of the new cabinet in Pakistan.

Addressing a press conference in Washington, IMF Director of Communications Julie Kozek said completing the existing standby arrangement is a priority, looking forward to working with Pakistan’s new government to ensure economic stability.

Earlier it emerged that the newly-elected PML-N-led government has decided to avail a fresh IMF loan program, and the Ministry of Finance has initiated actions on the directives of the premier.

Pakistan is likely to seek $6 to 8 billion loan program from the international lender and for this immediate contact will be made with the International Monetary Fund for negotiations.

The sources further said the conditions of the International Monetary Fund would be stricter this time.

Last week, it was reported that Imran Khan-founded PTI asked the International Monetary Fund (IMF) to factor in the country’s political stability in any further bailout talks.

According to international news agency Reuters, PTI has sent a letter to the IMF detailing its position, two senior sources in the party said, adding more details would be made public in due course.