Pakistan, IMF fail to reach staff-level agreement

ISLAMABAD: The International Monetary Fund (IMF) has handed over the Memorandum of Economic and Financial Policies (MEFP) to Pakistan after the conclusion of talks, however, the staff-level agreement was not signed so far, ARY News reported on Thursday.

Pakistan and the IMF have concluded their talks after holding discussions on various sections. The finance secretary Hamid Yaqoob Sheikh confirmed that the IMF handed over the Memorandum of Economic and Financial Policies (MEFP) to Pakistan.

Sheikh said that Pakistan and IMF have not signed a staff-level agreement so far as some matters are due to be settled which will be finalised in Washington.

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Hamid Yaqoob Sheikh said that both sides agreed on actions and prior steps. He added that the IMF mission sought more time to sign the staff-level agreement for the 9th review which will be signed after getting approval from the Washington headquarters.

The finance secretary said that the IMF mission is waiting for the approval of the declaration from Washington’s headquarters that will issue a statement after reviewing the recent talks.

He said that the IMF delegates will depart from Pakistan on Friday morning. It was also learnt that the mission made confirmation for the foreign financing after meeting the ambassadors.

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Prior to this development, the talks between Pakistan and the International Monetary Fund (IMF) over the revival of stalled $7 billion Extended Fund Facility (EFF) remained successful and a formal announcement will be made shortly, sources told ARY News.

The progress was made during a virtual meeting between Prime Minister (PM) Shehbaz Sharif and IMF mission to discuss the revival of stalled $7 billion Extended Fund Facility (EFF).

Sources told ARY News that the meeting was attended by Finance Minister Ishaq Dar and other officials. The prime minister was apprised of the negotiations with the IMF delegation and its progress.

Sources further claimed that PM Shehbaz Sharif approved the agreement to be signed with the Fund.