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Pakistan

Pakistan meets IMF’s performance criteria, meeting with executive board in coming days

IMF Executive Board is scheduled to meet Pakistan authorities on December 19. 'Financing assurances needed for
13 Dec 2019
  • IMF Executive Board is scheduled to meet Pakistan authorities on December 19.
  • 'Financing assurances needed for the program to go forward are in place,' says IMF Spokesperson.

Ahead of International Monetary Fund (IMF) Executive Board's meeting with Pakistani authorities on December 19, the IMF has said that Pakistan has met all prior actions and performance criteria under the $6 billion program.

“The IMF has a $6 billion program to support IMF's economic reforms. We had a mission there in November and the communication around that with a preliminary assessment of where we think Pakistan stands. Which is that the program is on track and we reached a staff-level agreement on what we call the first review,” said Communications Department Director Gerry Rice said in an IMF statement.

The IMF Executive Board meeting is scheduled for December 19 to consider the staff level report and approval of second tranche of about $450 million under the $6 billion Extended Fund Facility (EFF).

The IMF spokesperson said that the meeting indicates that all prior actions and performance criteria under the program with Pakistan have been met. “And that the financing assurances needed for the program to go forward are in place,” he said.

Back in November, the Pakistan authorities and the IMF mission reached staff level agreement on the first review under the Extended Arrangement (EFF).

“The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the first review under the EFF. The agreement is subject to approval by IMF management and the Executive Board of Directors. Completion of the review will enable disbursement of SDR 328 million (or around US$ 450 million) and will help unlock significant funding from bilateral and multilateral partners,” said IMF mission head Ernesto Ramirez Rigo, at the conclusion of their visit.