NO IMF SOS mission, programme renegotiating: Finance Ministry

Sep 06, 2019: The Finance Ministry Friday categorically refuted the claims made in certain media reports that the International Monetary Fund (IMF) was sending an SOS mission to Pakistan owing to the fiscal outcomes of FY 2018-19 and that programme might be renegotiated.

“It is clarified that both these assertions are completely incorrect and not based on actual ground realities,” said the ministry in a statement issued here.

The upcoming IMF Mission is a staff level visit that had been planned much earlier and it is absolutely erroneous to construe that the IMF staff level mission is any kind of SOS mission.

The claim that the IMF programme is being renegotiated is equally misconceived. The Government of Pakistan remains firmly committed to implement the policies and reforms spelled out in the IMF-supported program. As indicated in the program documents, the IMF-supported program will be monitored and reviewed according to a calendar of quarterly reviews. The first one is scheduled to take place at some point in December. Our understanding is that as part of our technical work program, an IMF team will come on a routine Staff Visit in mid September 16-20.

It must also be emphasised that after the initial adjustments, the economy is rapidly stabilizing, in particular the external sector, and that the current fiscal year will yield some very positive economic outcomes.

APP