Pakistan and International Monetary Fund (IMF) have agreed to resume talks under the $6 billion Extended Fund Facility (EFF) program.
Sources told ProPakistani that IMF’s Resident Representative for Pakistan met last Friday with the Finance Minister-designate Miftah Ismael and agreed to resume talks under the $6 billion EFF program.
Sources stated that the IMF representative informed Miftah that she looks forward to continuing to support Pakistan’s authorities on economic policies and reforms to ensure macroeconomic stability in Pakistan amidst the current challenging global economic environment.
Sources added that a Pakistani delegation has also arrived in Washington D.C. for participating in the Spring Meetings starting from Monday.
The Finance Minister-designate Miftah Ismael will also attend the virtual meeting this week, added the sources.
Miftah has already said that the new government intends to start with the IMF program due to deteriorating balance of payment issues.
Pakistan has to pay $2.5 billion in the last quarter of the current fiscal year and SBP reserves during the week ended on April 8, 2022, recorded $ 10,849.6 million.
It is pertinent to mention here that Pakistan and IMF started the negotiations under the seventh review on March 4, 2022 however it could not be completed in two weeks’ time due to lender objections on the industrial package as well as electricity or petroleum products rates announced by PTI’s government on February 28, 2022.
Pakistan will be able to get $1 billion if the seventh review is completed.