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Pakistan

IMF delegation arrives in Pakistan for talks on third tranche

The IMF staff team would hold discussion with Pakistani authorities till February 14 and technical level discussion
03 Feb 2020
  • The IMF staff team would hold discussion with Pakistani authorities till February 14 and technical level discussion to be followed policy level talks.
  • The mission would evaluate implementation of economic targets agreed by Pakistan for US$6 billion facility.

The delegation of International Monetary Fund (IMF) has arrived in Pakistan today (Monday), to negotiate with Pakistan authorities over its second quarterly review of the US $6 billion Extended Fund Facility (EFF) amid revenue shortfall and power sector reforms challenge.

The IMF staff team would hold discussion with Pakistani authorities till February 14 and technical level discussion to be followed policy level talks.

The mission would evaluate implementation of economic targets agreed by Pakistan for US$6 billion facility. The IMF mission will also meet Advisor on Finance Dr Abdul Hafeez Sheikh and Federal Board of Revenue (FBR) Chairman Shabbar Zaidi. The talks would last for 11 days.

On the completion of first review of Pakistan's economic performance in December, the IMF acknowledged that Pakistan's reform program is on track and already producing results.

Decisive policy implementation has started to address the deep-seated problems of Pakistan's economy and to reverse its large imbalances, preserving financial stability, the US based fund said in its report. The report acknowledges that the business climate in the country has improved, and market confidence is returning.

IMF has released SDR 328 million (about $ 452.4 million), bringing total disbursements to SDR 1,044 million (approx $1.45 billion). Meanwhile, Pakistan will receive $450 million if talks succeed this time.