Imf pakistan news

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision. • IMF staff and the Pakistani authorities have reached a staff level agreement on policies to complete the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF). The agreement is subject to approval by the IMF’s Executive Board. • High international prices, and a delayed policy action worsened Pakistan’s fiscal and external positions in FY22, led to significant exchange rate depreciation, and eroded foreign reserves. • The immediate priority is to stabilize the economy through the steadfast implementation of the recently approved budget for FY23, continued adherence to a market-determined exchange rate, and a proactive and prudent monetary policy. It is important to expand social safety to protect the most vulnerable, and accelerate structural reforms including to improve the performance of state-owned enterprises (SOEs) and governance. Washington, DC – July 13, 2022: An International Monetary Fund (IMF) team, led by Nathan Porter, has finalized discussions for the combined seventh and eight reviews of P...

Prime Minister Shehbaz Sharif has expressed his optimism that Pakistan, which has fulfilled "all the preconditions" of the IMF, will still be able to sign a staff-level agreement with the global lender to revive the stalled bailout programme for the cash-strapped country. Mr. Sharif's remarks came as many believe that Pakistan's chances for the revival of the current $6.5 billion IMF programme have almost diminished before it expires on June 30. Out of the $6.5 billion package, the IMF has not yet disbursed $2.6 billion to Pakistan. Addressing a ceremony here on Sunday, Sharif still appeared optimistic about that deal with the global lender and while referring to the government’s plan B, said, “If the agreement with the IMF is (further) delayed, then I will address you.” The International Monetary Fund (IMF) signed a deal in 2019 to provide $6 billion to Pakistan on fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities. “Pakistan has fulfilled all the preconditions and is hopeful that the agreement with the IMF will be signed during the current month,” Mr. Sharif said. “There is no need to be nervous... We have met all conditions of the IMF, removing obstacles in finalising an agreement with it,” he said but added a note of hope that he had talked with the IMF chief who assured that the agreement will be signed this month. He also said th...

"There is no chance for the 10th review" meaning that the current IMF program of USD 6.5 billion will conclude at around USD 5.1 billion without the remaining 10th and 11th reviews for USD 1.4 billion funds," the Pakistan minister said as quoted by Dawn. However, Dar did not name any country when he was asked about debt rescheduling with bilateral partners like China. He even said that this was something the government intended to begin working on early in the next fiscal year after the budget is passed. Pakistan's overall bilateral debt amounts to around USD 37 billion. However, there is little space in around USD 10bn Paris Club debt due to its recent rescheduling under G-20 Debt Service Suspension Initiative (DSSI), ANI reported. Further, he rejected the possibility of sovereign default by any stretch of the imagination, saying that Ishaq Dar even criticized the Pakistan Tehreek-e-Insaf (PTI) government for making legal changes in the central law under the IMF program which he stressed “crippled the government", the report said. During his previous tenure, the Dawn reports. He assured that the government will soon introduce a new system in which treasury bills could be directly sold to the people rather than restricting them to commercial banks. (With ANI inputs)

KARACHI, Feb 9 (Reuters) - The International Monetary Fund has asked for more time for negotiations with Pakistan over a deal that would unlock $1.1 billion in much-needed funds for the country, Secretary of Finance Hamed Sheikh said Thursday. Cash-strapped Pakistan, pushed to the limit by last year's devastating floods, had been host to the talks since late last week in a bid to access the funds, a tranche initially expected last December and part of the IMF's $6.5 billion bailout aimed at warding off an economic meltdown. "The staff level agreement between Pakistan and IMF will be reached soon," Sheikh, a senior official at the Ministry of Finance, said in a statement to Reuters. "The IMF mission asked for more time for staff-level negotiations." He said both sides had agreed on "actions and advance measures." The staff-level talks were due to conclude on Thursday. Broadcaster Geo reported hours earlier, citing sources, that To release the funds, the IMF needs to reach a staff-level agreement with Pakistan, which Sheikh said would then be agreed upon after approval from the IMF's head office in Washington. Analysts say the money is necessary to prevent Pakistan from defaulting on external payment obligations, and that an IMF deal paves the way for other organisations and governments Finance Minister Ishaq Dar was quoted earlier on Thursday by Pakistan's Dawn newspaper as saying "it is expected matters will be settled today." If a deal is reached and funds are dispersed, ...

ISLAMABAD, June 9 (Reuters) - Pakistan's government will target a budget deficit of 6.54% of economic output in the fiscal year starting on July 1, the finance minister said on Friday, slightly below the current year's revised estimate of 7%. Finance Minister Ishaq Dar announced the target during his budget speech to the national legislature. A source had said earlier in the day the budget would aim for a deficit of 7.7% of the gross domestic product for the 2023-24 fiscal year. The deficit target for the fiscal year ending this month had been revised higher, from a previous projection of 4.9%. The budget needs to satisfy the IMF to secure the release of stuck bailout money for the crisis-struck country, which is due to hold a general election by November. The government had prepared "a responsible budget, not an election budget", Dar said. The total spending target would be 14.46 trillion rupees ($50.45 billion), Dar said, with 1.8 trillion rupees going to defence. It would target debt servicing of 7.3 trillion rupees. Dar reiterated that the government hoped to get an agreement with the IMF soon, echoing comments made earlier in the day by Prime Minister Shehbaz Sharif as he addressed his cabinet. Sharif's government is hoping to persuade the IMF to unlock at least some of the $2.5 billion left in a $6.5 billion programme that Pakistan entered in 2019 and which expires at the end of this month. 'VANILLA BUDGET' Some analysts said the budget was unlikely to impress the IM...

A team from the International Monetary Fund (IMF) arrived in Islamabad to discuss the ninth review of the $7 billion Extended Fund Facility, which will start on January 31, ARY News According to a Pakistani television broadcast citing the sources, Pakistan and the IMF will hold technical talks for the first four days, wherein economic data from different departments will be reviewed. Also Read | Earlier, the international fund organization’s Resident Representative for Pakistan Esther Perez Ruiz said: “At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad [from] January 31 to February 9 to continue the discussions under the ninth EFF review,” Dawn. The Pakistani rupee has dived to a historic low against the United States dollar after an exchange cap was lifted as the cash-strapped country seeks the help from IMF. Earlier, Pakistan entered a $6 billion programme in 2019 but later on, it increased to $7 billion. If everything goes well then the international organization would release $1.8 billion, which is still pending, according to Dawn. India has done well last year but lags many other nations, says former Chief Economic Adviser Kaushik Basu It had earlier been put off for two months due to the Pakistan Muslim League-N-led government's unwillingness to accept certain conditions placed before it by the IMF, and the disagreements have yet to be resolved. However, it is pertinent to mention that Pakistan Prime Minister Shehbaz Sharif h...

KARACHI, Pakistan, April 13 (Reuters) - Pakistan's debt continues to be sustainable, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday, after the government reiterated it had completed all requirements to receive a critical bailout from the IMF. Pakistan has less than a month's worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments. The funds, which can only be released after signing a staff level agreement (SLA), are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations. Pakistan's finance ministry on Thursday said IMF deputy managing director Antoinette Moniso Sayeh was confident of signing the staff level agreement very soon. Asked what Pakistan needed to do to avoid reaching the unsustainable debt positions faced by countries like Sri Lanka, Georgieva said: "We are not there yet, and it is better not to get there." She said the lender has been working very hard with the authorities in Pakistan within the context of the current programme to make sure the country has the policy framework in place to prevent reaching the point of unsustainable debt. "My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our cu...