Pakistan Has Met Last Required Prior Action for Review: Says IMF

Pakistan has fulfilled the last of the prior actions required by the International Monetary Fund (IMF) for the approval of the combined 7th and 8th review program. This was revealed by the IMF Resident Representative to Pakistan, Esther Perez Ruiz.

Talking to Propakistani, the Resident Rep informed, “With the increase in PDL on 31 July, the last prior action for the combined 7th and 8th review has been met. The Board meeting is tentatively planned for late August once adequate financing assurances are confirmed.”

Previously, Minister of State for Finance, Aisha Ghaus Pasha, in a cabinet meeting, had informed that the Funds’ Executive Board meeting will take place on 25 August. A successful review will enable Pakistan to avail of financing of $1.2 billion. Senior economists deem this long-awaited approval to be critical for the country’s economic landscape as the country is struggling with dwindling foreign reserves, weak investor and market confidence, and a depreciating Rupee.