IMF team to visit Pak in May; to discuss policies in Extended Fund Facility

The International Monetary Fund (IMF) announced that it will be sending a mission to Pakistan next month after a team of the international lender held discussions with Pakistan Finance Minister Miftah Ismail in Washington.

"Good meeting between Deputy Managing Director Antoinette Sayeh and Pakistan Finance Minister @MiftahIsmail about policies needed to continue the Extended Fund Facility program. A mission is expected to visit Islamabad in May to continue the discussions," said Gerry Rice, Spokesperson for the IMF.

This visit was announced following Ismail's meetings with IMF officials.

IMF Mission Chief for Pakistan, Nathan Porter said both sides had "very productive meetings over" Pakistan's economic developments and policies under the Extended Fund Facility (EFF).

"We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan's economic developments and policies under the Extended Fund Facility (EFF) program," he said.

IMF Mission Chief for Pakistan said that both sides have agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review.

"Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review," said Porter.

In the statement, IMF said Pakistani authorities have also requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives."

The newly appointed Pakistan Finance Minister Ismail departed for Washington on April 21 to seek the revival of the USD 6 billion IMF programme signed by the previous Imran Khan government.

Back in May 2019, Pakistan and the IMF reached a staff-level agreement on economic policies for a three-year EFF.

Under the deal, Pakistan was to receive about USD 6 billion during a period of 39 months, Geo News reported. So far, it has received almost half of it.