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Print Print 2023-06-20

Pakistan not on IMF board’s agenda

  • The current IMF programme of $6.5 billion is scheduled to end on June 30
Published June 20, 2023

ISLAMABAD: The International Monetary Fund (IMF) Executive Board has issued meetings scheduled till June 29, but Pakistan is not on the agenda as the 9th review under the Extended Fund Facility (EFF) programme remains pending.

The current IMF programme of $6.5 billion is scheduled to end on June 30, 2023, with around $2.6 billion remaining undisbursed.

According to the IMF Executive Board calendar available on its website, next meetings are scheduled for 20, 21, 22, 26, 27, 28 and then again on June 29, 2023; however, Pakistan is not on the agenda though it could be added in the event that the ninth review is declared a success.

As per the IMF Staff report “Pakistan: Seventh, and Eighth Reviews of the extended arrangement,” the proposed schedule for the ninth review was November 3, 2022, but was delayed due to the failure of the government to implement agreed time-bound conditions and structural benchmarks, as well as, violation of the spirit of the agreed seventh/eighth review particularly with respect to controlling the rupee rate artificially without the necessary reserves to intervene in the market and extending unfunded subsidy.

IMF’s criticism of Pakistan’s budget raises default odds: Bloomberg

The tenth review’s schedule as per the seventh/eighth review documents was February 3, 2023, but the ninth review is yet to be completed.

The IMF Resident Representative in Pakistan last week through a text message told Business Recorder that Staff remains engaged to discuss policies to maintain stability.

“However, the draft fiscal year 2024 Budget misses an opportunity to broaden the tax base in a more progressive way, and the long list of new tax expenditures reduces further the fairness of the tax system and undercuts the resources needed for greater support for vulnerable BISP recipients and development spending.

“The new tax amnesty runs against program’s conditionality and governance agenda and creates a damaging precedent. Measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy.

“The IMF team stands ready to work with the government in refining this Budget ahead of its passage.”

Copyright Business Recorder, 2023

Comments

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Ashfaq Jun 20, 2023 03:23am
It’s ok let’s keep dismantling pti and handle may 9th issue
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Aslam Khan Jun 20, 2023 05:07am
May 9th or 9th review, which is more important, it seems like May 9th is more important right now.
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Asad Rizvi Jun 20, 2023 07:02am
I am perplexed with the last paragraph that refers to controlling of rupee rate artificially with necessary reserves. This needs further elaboration. SBP Fx Reserve touched the lowest level of $ 3.11 billion in Jan 2023. While $/PKR was 226.93 on Jan 01. On Jan 31 $/PKR was 267.89. Since MARCH onwards, SBP Fx Reserve has been hovering around $ 4 billion & only once it dipped below. But we keep hearing that Rupee is against the sprit of agreed terms. While it is worth noting that REER was 93.9621 in January 2023 and steadily improved . Latest is 87.1478. What is the rationale and objective to further lower rupee, which has caused huge suffering in the form of inflation? I want a response from both the IMF and the newspaper that constantly favour weaker rupee. What is the rationale behind the rupee's depreciation? Is it to limit & reduce spending even further? So, what is the basis for raising the tax collection amount? Why does the IMF not demand a rise in the tax-to-GDP ratio?
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Ashfaq Jun 20, 2023 07:13am
What’s more important, may 9th or IMFs 9th review?? Please reply and let us know
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Tulukkan Mairandi(Salem) Jun 20, 2023 08:55am
DEFAULT IS GUARANTEED, THANKS TO DARONOMICS OF COOKING BOOKS & "MANIPULATION OF PKR". IMF CAN'T BE THREATENED LIKR PTI.
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Haq Jun 20, 2023 09:57am
Alhamdolillah, things are heading in RIGHT direction. We need to fix issue ourselves. IMF can only create more sufferings & with current global scenario, definitely wants Pakistan to be defaulted, denuclearized & civil war like situation of 9th May '23 (fully supporting PTI - via Goldsmiths)
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Arshad Jun 20, 2023 11:16am
Its IK's fault.....Another FIR please.
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Tulukan Mairandi Jun 20, 2023 11:35am
Pakistan is never on the agenda of anything useful and progressive. As for the IMF deal - I reiterate for the umpteenth time - it's busted. Thank you Ishaq Dar. Default is inevitable.
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KU Jun 20, 2023 11:49am
Spending millions on propaganda, dolling out billions to parliamentarians for development in their constituencies, presenting a budget that does not focus on economic recovery, rewarding 3.2 million government servants with 30% salary increases and perks, and ignoring 80 million daily wagers and their welfare, and we ask, what can go wrong? Industry and agriculture are facing certain death in the near future, but thou shall not tax the taxable for fear of losing popularity. The minority who support the government for obvious reasons will soon find out that their trust and lust were misplaced. It has now become a sick topic if one foolishly hopes for some sanity in echelons of the ruling elite.
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Builder Jun 20, 2023 12:14pm
@Tulukkan Mairandi(Salem) the only person waiting for default so anxiously...guaranteed to Indian media warrior!
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Haris Jun 20, 2023 01:34pm
All PTI supporters are wishing from heart for Pakistan's default. But Inshallah your wishes will be burnt again just like seeing incompetent corrupt person like IK as PM.
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Haris Jun 20, 2023 01:35pm
@Builder, 101% right
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Johnny Walker Jun 20, 2023 03:16pm
The country is busted/bankrupted and beggars are using IMF to cover up their incompetence.
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