Final Decision on the IMF Program Could Take 3-6 Weeks: Senior IMF Official

The final decision on the IMF program for Pakistan will be made within the next 3-6 weeks by the International Monetary Fund’s Executive Board, said Director Communication IMF, Gerry Rice, while talking to media in Washington.

A staff-level agreement had been reached between the Fund and Pakistan which was announced yesterday. While talking to the media, Gerry Rice revealed that the meeting of the IMF Executive Board was scheduled between the next three to six weeks. The meeting could be held earlier or slightly later than its scheduled time, he added.

He said that with the revival of the program, $1.17 billion will be provided to Pakistan, taking the total disbursement to $4.2 billion. The director was of the view that the disbursement of the fund would stabilize the Pakistani economy and increase social safety to protect the weaker segments of the country. Structural reforms and the macroeconomic situation will also be stabilized through the revival of the program, he informed.

Previously, the Finance Minister of Pakistan, Miftah Ismail, had given a similar statement to the media, saying that a staff-level agreement had been reached between the two parties and the final decision will be made by the IMF board.

The Minister had also clarified that the recent decision of the government to reduce petrol prices would not affect the program. He had assured the public that IMF had appreciated the policies of the incumbent government to provide relief to the public.

Published by
Aqib Rauf Abbasi