The International Monetary Fund (IMF) Executive Board has issued meetings schedule till June 29, but Pakistan is not on the agenda as the 9th review under the Extended Fund Facility (EFF) program remains pending.
According to the IMF Executive Board calendar available on its website, the next meetings are scheduled for June 20, 21, and 22, and then again on June 26, 27, 28, and 29 but Pakistan is not on the agenda, with the country now more likely to fail to restart its $6.7 billion bailout program before the current financial year ends on June 30, 2023.
Pakistan is struggling to secure fresh loans to complete IMF’s 9th review as it faces a $6 billion refinancing gap. The current program is due to expire this month but the Finance Ministry is still trying to strike a deal.
The lender last week raised questions on the budget 2023-24 numbers, especially non-tax revenue, and lack of effort to broaden the tax base. The Ministry of Finance also responded to these issues in a press statement on Friday, but that did not help clear the air.
According to the seventh/eighth review documents, the tenth review was scheduled for February 3, 2023, however, the ninth review remains incomplete.
Both sides may now opt for a combined review in the new fiscal year, with a bigger bailout in exchange for more stringent tax collection measures.
