Release of SDR 360 million: IMF meeting yet to be scheduled

The International Monetary Fund's Executive Board meeting is yet to be scheduled to take up the staff level report of the 10th review and give approval to release of SDR 360 million (about US $497 million). An official of the IMF resident representative office in Pakistan said that usually the schedule of the executive board meeting on any country is updated on the Fund's website two weeks prior to the meeting taking place.
He further stated that schedule of the IMF executive board meeting on Pakistan may be updated by Monday. However, he expressed his ignorance over why there was a delay in approval of staff level report as 10th review was completed on February 4, 2016. Upon completion of the 10th review (26 January-4 February in Dubai), the IMF in a press release stated that while many structural benchmarks have been met, measures pertaining to the energy sector reform and restructuring of loss-making public enterprises are yet to be implemented.
Sources in the Finance Ministry claim that there is no unusual delay in executive board meeting to take up staff level report. They said the second last review of $6.64 billion 36-month EFF programme is likely to be held by the end of April 2016. They added the exact date of next review would be finalised after the approval of the staff level report of the 10th review. Sources in the Finance Ministry told Business Recorder that the government may find it extremely challenging if the Fund proactively commences its two-year Post Programme Monitoring (PPM) or till 2018 - the election year; however, there is no conditionality attached with PPM.
The IMF website notes that: When a member country borrows money from the IMF, its policies come under closer scrutiny. Once a country has completed its lending program, it may enter into a process known as Post-Program Monitoring (PPM). This process is presumed for all member countries that have substantial IMF credit outstanding following the expiration of their programs. The enhanced monitoring is intended to ensure the continued viability of a country's economic framework and provide early warning of policies that could jeopardise the country's external viability and, hence, its capacity to repay the IMF. Should it become necessary, the IMF staff will advise on policy actions to correct macroeconomic imbalances.