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Pakistan

IMF ‘seeks assurances’ from Pakistan’s political parties on commitment to new SBA

  • IMF official says lender's staff in process of meeting representatives from PML-N, PTI, PPP
Published July 7, 2023

The International Monetary Fund (IMF) is looking to take on board Pakistan’s major political parties, including the ruling coalition and opposition, as it seeks assurances that objectives and agenda under the new Stand-By Arrangement (SBA) will be implemented ahead of the country’s national elections.

“The IMF staff are in the process of meeting with representatives of the major political parties in Pakistan, including PML-N, PPP, and PTI, to seek assurances of their support for the key objectives and policies under a new IMF-supported program ahead of the approaching national elections,” said Esther Perez Ruiz in a statement to Business Recorder on Friday.

The IMF Executive Board is set to take up Pakistan’s SBA – announced after a staff-level agreement last week – in its meeting on July 12.

The ruling coalition and the opposition are currently at loggerheads over key issues, and have been blaming each other for Pakistan’s unsuccessful IMF programme that expired on June 30 at the level of the ninth review.

A new arrangement, which extends Pakistan’s commitment well into the second half of the fiscal year, was reached before the expiry of the Extended Fund Facility (EFF), but many saw it as a last-gasp deal that would require extensive economic measures and reforms to keep the new nine-month programme going.

With general elections expected in the coming months, experts say the IMF would want whomever comes to power remain committed to its new SBA.

The programme is also seen as crucial since Pakistan has faced a barrage of woes in recent months with a perceived default risk and downgrade by international ratings agencies reflecting the state of the economy that has suffered from major political turmoil and frequent change in key leadership as well.

Bilal Memon

Bilal Memon is the Head of Digital Content at Business Recorder. His Twitter handle is @bilalahmadmemon

Comments

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Johnny Walker Jul 07, 2023 03:24pm
All IMF is going to get from PDM, PML-N and PPP is a load of lies and promises which they will not keep. It is in their DNA to cheat. The poor will keep suffering.
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Tulukan Mairandi Jul 07, 2023 03:43pm
PTI will sabotage it
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Javed hussain Jul 07, 2023 03:44pm
I'm agree with you
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Javed hussain Jul 07, 2023 03:44pm
I'm agree with you sir
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Abdul Rehman Jul 07, 2023 04:23pm
PTI will support provided certain conditions are met including the human right violations and ending the crack down and brutal victimization of leaders and workers of PTI through fake charges and filing of case based on false flag operation.
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Oscar Jul 07, 2023 04:36pm
All political parties are in PDM except PTI and its the PDM government which have negotiated this SBA with IMF , so why need assurance from PDM ? It is actually PTI whose assurance is needed , and this will be interesting since it is completely pushed to the wall by powers that be .
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Abdullah Jul 07, 2023 06:30pm
@Abdul Rehman, brutal victimization and fraud charges.come one.why to even ask them.they wont come to power ever again after showing how unpatriotic they are.Imran is begging americans to save him same people he blamed for a fake cipher.
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Abdullah Jul 07, 2023 06:31pm
Thats how america is trying to create space for imran khan and pti as they are the only one who want to sabotage cpec and who better to do tjis job than a compromised imran khan .
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KU Jul 07, 2023 07:28pm
IMF shouldn't worry on this account, the usual suspects in PDM are going to win everything while in the coming few weeks, whatever little is left of PTI members, will be snuffed out and sent to oblivion. That's our kind of democracy. What IMF really should be worried about is the fact that reforms and economic growth plans have not been made public, and only non-development expenditures are in the news to win favors for votes.
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Mubashir Munir Jul 07, 2023 09:48pm
IMF is giving loan to Ukraine and all other countries.IMF should note that the PDM is capable to pay all the loans in time while PTI Imran is a play boy and can not get any vote We under the guidance of IMF can come out of the mess created by PTI in short time by reforming ourselves
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Mubashir Munir Jul 07, 2023 09:49pm
@Tulukan Mairandi, PTI is finished
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