IMF mission set to visit Pakistan in early to mid-March

An International Monetary Fund (IMF) mission will arrive in Islamabad in early to mid-March for discussions on the first review under Pakistan’s Extended Fund Facility (EFF) programme, the Washington-based lender said in a statement.

“An IMF staff team is scheduled to visit Pakistan in early to mid March for discussions around the first review under Pakistan’s Extended Fund Facility-supported program and the authorities’ request for assistance under a Resilience and Sustainability Facility (RSF) arrangement.

“In this regard, a technical team will be in Pakistan starting in late February to discuss technical issues related to a possible RSF arrangement,” read the statement.

Pakistan says IMF mission will visit to assess governance, corruption risks

Cash-strapped Pakistan is currently under a $7 billion IMF bailout program and navigating a tricky path to recovery.

The South Asian nation narrowly averted a sovereign debt default, with reserves insufficient to meet a month’s worth of controlled imports.

A successful review can unlock approximately $1 billion from the IMF. Meanwhile, the Pakistani government and central bank remain confident about meeting its targets.

On Thursday, Khurram Schehzad, an adviser to the Pakistan finance minister said that an IMF mission will arrive in Islamabad next week to discuss around $1 billion in climate financing for Pakistan,

He told Reuters that the mission would visit from February 24 to 28 for a “review and discussion” of climate resilience funding.

The disbursement will take place under the Fund’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.

Pakistan made a formal request in October last year for around $1 billion in funding from the IMF under the trust, to address the nation’s vulnerability to climate change.