Ninth review hinges on Pakistan’s ability to meet financing requirements: IMF

April 13, 2023 (MLN): Pakistan will need to ensure financing is secured by the authorities to meet the requirements to complete the upcoming review, the International Monetary Fund (IMF)’s Director of the Middle East and Central Asia Department said while answering a question on the status of 9th Review during a press conference held today. 

“Financing is required, and the financing needs are above what is currently in the program and this is where we are also in hand in hand with authorities and the bilateral supporters of Pakistan, working to ensure that financing needs for the program and beyond are met,” he said.

“IMF’s priority is to help Pakistan's economy through the period of tension economically and the political agenda that is very active.”

He further added that Pakistan is at a critical juncture today and decisive actions are required to stabilize the economy. Recently, the policies that were adopted have gone in the right direction and it is important too, at the current juncture, on one hand, to maintain monetary stability by addressing the issue of high inflation that has exceeded 34% and maintaining flexible exchange to protect the Pakistani economy from external shocks.

He added that discussions between the authorities and the IMF are ongoing to ensure the authorities take immediate measures to meet the financing needs and meet the review requirements. 

He also added that the IMF has been supportive of Pakistan throughout the years, including during the Covid-19. He emphasized the need for Pakistani authorities to address the rising inflation, reduce constraints to trade and export and maintain flexible exchange rates. 

Earlier, the Ministry of Finance tweeted “Finance Minister Senator Mohammad Ishaq Dar attended IMF/World Bank Spring meetings via Zoom from Islamabad with high-level IMF team headed by Mr. Jihad Azour Director IMF.  They discussed progress on the IMF program and implementation of Prior Actions.”

It added that “Mr. Jihad Azour expressed confidence that SLA expected to be signed soon which is to be followed by the Board’s approval for the 9th Review.”

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