NO IMF SOS mission, programme renegotiating

Associated Press of Pakistan September 6, 2019

ISLAMABAD: The Finance Ministry Friday categorically refuted the claims made in certain media reports that the International Monetary Fund (IMF) was sending an SOS mission to Pakistan owing to the fiscal outcomes of FY 2018-19 and that programme might be renegotiated.

“It is clarified that both these assertions are completely incorrect and not based on actual ground realities,” said the ministry in a statement issued here.

It clarified that the upcoming IMF Mission was a staff level visit and coincides with the visit of the Director of the Middle East and Central Asia Department of the International Monetary Fund.

The Director’s visit to Pakistan had been planned for September soon after the finalisation of the programme, it said adding that as such, it was absolutely erroneous to construe that the IMF staff level mission was any kind of SOS mission as it had already been planned much earlier.

The claim that the IMF programme was being renegotiated was equally misconceived, it added.

“The government of Pakistan remains firmly committed to implement the policies and reforms spelled out in the IMF-supported program,” it added.

As indicated in the program documents, the IMF-supported program will be monitored and reviewed according to a calendar of quarterly reviews.

The first one is scheduled to take place at some point in December, the statement said adding that it was our understanding that as part of our technical work program, an IMF team would come on a routine Staff Visit in mid September (16-20).

The statement emphasized that after the initial adjustments, the economy was rapidly stabilising, in particular the external sector, and that the current fiscal year would yield some very positive economic outcomes.

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