Karachi: Pakistan is optimistic about successful completion of first International Monetary Fund (IMF) review of $ 3 billion standby arrangement as negotiations between two sides have entered final round, said well-placed sources.

Policy-level talks between IMF and Pakistani authorities began and will continue till November 15, sources added. Pakistani delegation was led by Interim Finance Minister Shamshad Akhtar and comprised State Bank of Pakistan Governor Jameel Ahmad, Federal Board of Revenue Chairman Malik Amjed Zubair Tiwan and officials from finance and energy ministries. Nathan Porter was heading IMF team during negotiation.

Finance Ministry sources said that IMF delegation presented their recommendations and demands during today’s session. In technical-level talks, economic data was shared with team of international lender. Sources privy to matter claimed that Pakistan has completed all conditions of IMF.

Staff-level agreement will be finalised during ongoing policy-level talks, sources said, adding that after successful completion of first review, around $ 700 million will be released to Pakistan.

IMF review mission had commended government on its progress toward economic recovery, finance ministry had said earlier this month.

IMF loan programme, approved in July helped avert sovereign debt default. Under $ 3 billion SBA, Pakistan received $ 1.2 billion from IMF as first tranche in July with remaining amount subject to two reviews. Akhtar ruled out possibility of making any requests to IMF to increase timeframe or size of SBA programme.

Published in The Daily National Courier, November, 14 2023

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