Karachi: International Monetary Fund (IMF) delegation is scheduled to visit Pakistan for talks regarding initial assessment of country's $ 3 billion standby arrangement (SBA) on November 2. Finance Ministry, too, has started preparing for upcoming talks with global lending institution.

Development was confirmed by IMF's resident representative, Esther Perez Ruiz, as cash-strapped nation, currently functioning under caretaker administration, endeavours to steer towards economic revival after IMF approved its loan programme in July this year.

Loan programme averted sovereign debt default with Pakistan receiving its first $ 1.2 billion tranche from Washington-based lender soon after approval.

"An International Monetary Fund team led by Nathan Porter will field mission to Pakistan starting in November 2 on first review under current Stand-By Arrangement," Ruiz told Reuters.

Meanwhile, Finance Secretary has convened an important meeting of all ministries, divisions and departments for today to get an update on all structural benchmarks, indicative criteria and performance criteria agreed with IMF for end of September 2023.

It had warned provinces to trip down spending and latest provisional estimates suggest that Punjab and Sindh had made significant progress on it.

Another challenge for restricting overall fiscal deficit is rising debt servicing requirements that would, of course, balloon and stand beyond Rs 8.3 trillion to Rs 8.5 trillion for current fiscal year 2023-24 against initially envisaged target of Rs 7.3 trillion in wake of surged policy rate of central bank.

Published in The Daily National Courier, October, 26 2023

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