Prime Minister Shehbaz Sharif Wednesday said that the government will complete the ongoing Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF).
Chairing a review meeting on the current economic situation of the country in Islamabad, the premier also vowed to support exporters in order to enhance the country’s dwindling exports.
During the meeting, the country’s economic situation was reviewed, and matters related to the pending ninth review were also discussed. The meeting deliberated on a number of measures to control the country’s current account deficit (CAD).
Reiterating his determination to complete the IMF program, the premier directed the relevant authorities to control the fiscal and current account deficits and focus on policy and administrative reforms in this regard.
The prime minister said that exporters would be facilitated in every possible way, facilities would be provided at ports, new export markets would be identified and the exporters would be facilitated to import raw materials and machinery.
Ninth review status
Earlier in the day, IMF country representative in Pakistan Esther Perez Ruiz said that discussions to date in the context of the ninth review under the EFF have been productive, and have enabled a revision to the macroeconomic outlook post floods.
However, the IMF official did not give a specific timeline for formal talks with Pakistan over the ninth review.
IMF Program
The EFF was approved by the Executive Board on July 3, 2019, for SDR 4,268 million (about $6 billion at the time of approval).
In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion.
