Pakistan, IMF reach staff-level agreement on first review under stand-by agreement
ISLAMABAD: (Web Desk) The Pakistani authorities and the International Monetary Fund (IMF) have reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA), subject to approval by the IMF’s Executive Board.
The IMF said upon approval, Pakistan will have access to SDR 528 million (around US$700 million).
“The agreement supports the authorities’ commitment to advance the planned fiscal consolidation, accelerate cost-reducing reforms in the energy sector, complete the return to a market-determined exchange rate, and pursue state-owned enterprise and governance reforms to attract investment and support job creation while continuing to strengthen social assistance,” it added.
An IMF team, led by Nathan Porter, visited Islamabad from November 2-15, 2023, to hold discussions on the first review of Pakistan’s economic program supported by an IMF Stand-By Arrangement (SBA).
Also, the IMF Mission Chief for Pakistan Mr. Nathan Porter and IMF Resident Representative for Pakistan Ms. Esther Perez Tuiz called on the Caretaker Prime Minister Anwaar-ul-Haq Kakar. They apprised him of the status of the negotiations held at the technical levels with the team of the Government of Pakistan under the First Review of the SBA.
The IMF Mission Chief for Pakistan Mr Nathan Porter and IMF Resident Representative for Pakistan Ms Esther Perez Tuiz called on the Caretaker Prime Minister Anwaar-ul-Haq Kakar today and apprised him of status of the negotiations held at the technical levels with the team of… pic.twitter.com/8isor3toBx
— Prime Minister’s Office (@PakPMO) November 15, 2023
Mr. Nathan Porter acknowledged the efforts made by the Government of Pakistan in meeting the various program quarterly targets. He stated that these efforts have resulted in the positive conclusion of the technical level talks. He stated that both teams have had extensive talks on various aspects of the SBA. He appreciated the role played by the finance minister and her team and the State Bank of Pakistan (SBP) governor and his team in technical-level talks.
The prime minister thanked the IMF team for its ongoing work with Pakistan and praised the leadership of the finance minister and the contribution of her team in taking the program forward. He also appreciated the role of the SBP governor. The prime minister reaffirmed the government’s enduring commitment to the reform efforts agreed with the IMF as these are aimed at stabilizing Pakistan’s economy in the long run.
The finance minister, the SBP governor, the Federal Board of Revenue (FBR) chairman, and senior government officials attended the meeting.