The arrival of the IMF delegation to Pakistan, the formal start of negotiations with the international financial institution
Negotiations on the final review of the Stand-by Arrangement between Pakistan and the International Monetary Fund (IMF) are taking place in Islamabad starting today.
The International Financial Institution delegation arrived in Pakistan late in the evening.
According to Pakistan's Ministry of Finance, negotiations under the stand-by agreement will begin today and will continue until March 18. Upon successful completion of the latest economic assessment, Pakistan will receive 1 billion 10 million dollars.
The IMF delegation is led by the head of the mission, Nathan Porter, who will hold talks with the Ministry of Finance, the State Bank and other relevant authorities of Pakistan.
Introductory meeting between the IMF delegation and the economic team of the Ministry of Finance
The IMF delegation coming to Pakistan for economic review talks had an introductory meeting with the economic team of the Ministry of Finance. Officials included in the economic team, including Finance Minister Muhammad Aurangzeb, were present at the meeting.
According to the Ministry of Finance, the IMF delegation has scheduled separate meetings with the Minister of Finance, the Governor of the State Bank and the Minister of Energy. Finance Minister Muhammad Aurangzeb will brief the IMF mission on the government's priorities.
The Minister of Energy will also report to the IMF mission on the implementation of the targets. The Governor will report to the IMF State Bank mission on the implementation of IMF objectives.
Finance Ministry officials say that under the second economic review, Pakistan has implemented all IMF targets. Finance Ministry officials will submit a report on the implementation of the targets to the IMF mission.
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Pakistan's stand-by agreement with the IMF
Pakistan's stand-by agreement with the IMF
Pakistan needs help from international organizations to meet its financial needs and among these organizations the name of International Monetary Fund i.e. IMF is always in the foreground.
Pakistan's stand-by agreement with the International Monetary Fund ends in June 2023 and expires on April 12, 2024, i.e. next month.
Under this agreement, Pakistan would receive a total of $3 billion in installments over a period of nine months. Pakistan is yet to receive the final payment of $1.1 billion from the $3 billion program.
Negotiations with the IMF are among the government's priorities: Minister of Finance
The new Finance Minister, Muhammad Aurangzeb Ramde, stated that the IMF program is one of his priorities.
In an informal conversation with media, he said that completion of current IMF program and future program are also very important for Pakistan for which negotiations will be held with IMF.
Muhammad Aurangzeb said that the current fiscal year 2024-25 will be difficult for Pakistan, but he will work to get the country out of this problem.
He said that I will focus all my attention on improving the economic situation of Pakistan. Now more than words and statements, practical measures are needed.
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