IMF applauds Pakistan's Q1 triumph, urges steady course

November 02, 2023 (MLN): In a significant development, the review mission of the International Monetary Fund (IMF) on Thursday appreciated Pakistan's government to meet the targets set by the fund for the first quarter of the fiscal year 2023-24. 

"Mr. Nathan Porter, IMF Mission Chief, appreciated the government’s commitment to meeting the 1st Quarter targets and commended the government’s efforts and measures taken in some critical areas," said a press release issued by the Finance Division.

He further underscored the importance of the continuation of these efforts to stay on track for the economic stability of the country. 

The caretaker Minister for Finance, Revenue, & Economic Affairs Dr Shamshad Akhtar shared progress on the Standby Arrangement (SBA).

The meeting also included discussions on comprehensive reforms and measures undertaken by FBR and the Government’s strategies to address the circular debt issue. 

Dr Shamshad Akhtar expressed her appreciation for the continued support and assistance of the IMF. She reaffirmed the Government’s commitment to working closely with the IMF to ensure the successful completion of the SBA and achieve the economic objectives.

Since almost all the boxes have been checked in terms of the conditions put forth by the International Monetary Fund (IMF), Pakistan was ready to face the delegation of the IMF today without the looming apprehension of reprimand from the fund.

The South Asian nation was on the brink of default due to depleting foreign exchange reserves with no foreign inflows, high import bill, and political noise which pushed the foreign investors far away.

At that time, the IMF, being a last resort reached a Staff-Level Agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of around $3 billion.

The first instalment of $1.2bn has already been released while the second instalment of $700 million is scheduled to be released on December 01, 2023, subject to the satisfactory completion of the first review which has started today.

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