AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

Pakistan authorities and the International Monetary Fund (IMF) have made “significant progress” towards reaching a staff-level agreement (SLA) on a new programme, according to an end-of-mission statement posted on the lender’s website.

The IMF mission, which concluded its visit on May 23, was in Islamabad to discuss Pakistan’s pursuit of a longer, larger Extended Fund Facility (EFF).

“Building on the economic stabilisation achieved through the successful completion of the 2023 Stand-by Arrangement (SBA), the IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on a comprehensive economic policy and reform programme that can be supported under an Extended Fund Facility (EFF),” IMF Mission Chief to Pakistan Nathan Porter was quoted as saying in the statement.

Mission and authorities will continue policy discussions virtually over the coming days aiming to finalise discussions, including the financial support … from the IMF and Pakistan’s bilateral and multilateral partners

“The authorities’ reform programme aims to move Pakistan from economic stabilisation to strong, inclusive, and resilient growth.

“To achieve this, the authorities plan to continue to strengthen public finances to reduce vulnerabilities by improving domestic revenue mobilisation through fairer taxation while scaling up spending for human capital, social protection, and climate resilience; secure energy sector viability, including reforms to reduce the high cost of energy; continue progress towards low and stable inflation by appropriate monetary and exchange rate policies; improve public service provision through state-owned enterprise (SOE) restructuring and privatisation; and promote private sector development, by securing a level-playing field for investment and stronger governance.

“The mission and the authorities will continue policy discussions virtually over the coming days aiming to finalise discussions, including the financial support needed to underpin the authorities’ reform efforts from the IMF and Pakistan’s bilateral and multilateral partners.

“The IMF team is grateful to the Pakistani authorities, private sector, and development partners for fruitful discussions and their hospitality throughout this mission.”

Pakistan’s $3-billion SBA concluded last month, but authorities in Islamabad have been keen to pursue a 24th bailout with the IMF, hoping that a longer, larger EFF will put it on the path of permanence when it comes to economic stability and reform.

Many analysts believe that the IMF and Pakistan will be able to reach a staff-level agreement once the government presents the budget on June 7.

Bilal Memon

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


200 characters
KU May 24, 2024 11:26am
Whatever trick or treat cometh from deal, one truth must be apparent, people cannot afford more misery or fight for survival. The nefarious must cut their Raj expenses if we are to survive.
thumb_up Recommended (0) reply Reply
Arshad May 24, 2024 11:51am
IMF, Pakistan make ‘significant progress’ towards staff-level agreement by TIGHTENING THE NOOSE around the already financially dead citizens, lender says
thumb_up Recommended (0) reply Reply
Maqbool May 24, 2024 12:06pm
IMF like the rest of the world has stopped trusting Pakistan’s GOP word, sad. Further talks will only take place after the Budget, when they actually see reforms being implemented therein.Cut expenses
thumb_up Recommended (0) reply Reply
usman May 24, 2024 02:44pm
Kindly tax the rich
thumb_up Recommended (0) reply Reply
usman May 24, 2024 02:46pm
@KU, Surely it should cut the expenses and the youth instead of being keyboard warriors and party activist should produce something to export or we continue begging.Stars with you KU
thumb_up Recommended (0) reply Reply
Az_Iz May 24, 2024 05:22pm
The IMF should hold the government's feet to the fire to raise revenues and carry out reforms.Petroleum levy is a good example.The gutless politicians won't act on their own.
thumb_up Recommended (0) reply Reply
Az_Iz May 24, 2024 05:26pm
The politicians won't take any difficult decisions.If someone writes checks,they will spend,& move on,pushing the country into more debt.IMF should hold their feet to the fire to push for reforms.
thumb_up Recommended (0) reply Reply
KU May 24, 2024 06:16pm
@usman, don't worry about us keyboard warriors but do the same in your country, let's see if you can do it, n call out prejudice against minorities.
thumb_up Recommended (0) reply Reply
A. Chak May 24, 2024 07:28pm
Not enacting reforms, would be like a cancer patient refusing to stop smoking. We all know how this ends.
thumb_up Recommended (0) reply Reply