Talks between Pakistan and the International Monetary Fund (IMF) concluded on Thursday but the two sides are yet to reach a staff-level agreement.
Sources told ProPakistani that the two sides have made substantial progress and consensus has been reached to a large extent. Sources further said that the IMF will issue a statement regarding the talks soon.
It was expected that Finance Minister Ishaq Dar will also hold a press conference today regarding progress on talks with the IMF. However, it appears that the statement will first come from the IMF.
Sources said that the draft of the Memorandum for Economic and Financial Policies (MEFP) has been shared with Pakistan.
The IMF mission reached Islamabad on January 31 to resume discussions on the stalled 9th review of the Extended Fund Facility (EFF).
Pakistan entered a $6 billion IMF program in 2019, which was increased to $7 billion last year. The successful completion of the program’s ninth review would unlock a loan tranche of $1.18 billion and will pave the way for financial assistance from friendly countries.
Pakistan was reluctant to accept prior actions demanded by the IMF, which saw talks on the ninth review being delayed for months. However, the country’s falling reserves which now stand at just $2.9 billion forced Pakistan to agree to prior actions demanded by the IMF.
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