ISLAMABAD – The International Monetary Fund (IMF) announced its mission to proceed with the second review of the Stand-By Program in Pakistan after the formation of the new cabinet.
The IMF Director of Communications said that the focus currently is on completing the ongoing Stand-By Program, which is ending in April 2024, a mission for the second review of the Stand-By Program will be dispatched immediately after the formation of the new cabinet in Pakistan.
They mentioned that the IMF is poised to work with the new government on policies to ensure economic stability.
It is noteworthy that the Ministry of Finance initiated preparations for crucial negotiations with the IMF’s review mission, and immediately after the formation and oath-taking of the federal cabinet, the Washington based lender would be formally invited.
The high-level government sources confirmed that the IMF is also awaiting an official invitation from Islamabad and is likely to engage after the formation of the cabinet.
They said that the IMF team will arrive in Pakistan to initiate negotiations for the completion of the second review of the $3 billion Stand-By Agreement.
Pakistan, the sources said, also applied for an extended fund facility for another 36 months.
The discussions regarding the Extended Fund Facility (EFF) program have not yet taken place, and no final decision has been made but Islamabad will explore possibilities to strengthen the EFF so that the financing envelope can be increased from $6 billion to $8 billion.
