Significant progress has been made by Pakistan towards fulfilling the conditions set by the International Monetary Fund (IMF) for releasing final tranche of $1.1 billion under its $3 billion Standby Arrangement (SBA).
Finance Ministry sources told ProPakistani that Pakistan has successfully implemented 25 out of the 26 targets set by the IMF as part of the second Economic Review of its $3 billion SBA.
The Ministry of Finance has submitted a comprehensive report on the status of target implementation to the IMF, as confirmed by sources within the ministry.
Among the achievements highlighted in the report are the adherence to conditions such as refraining from obtaining loans from the State Bank of Pakistan and ensuring timely payment of external obligations. Notably, arrears in the power sector, including tax dues and refund payments, have been promptly cleared, further indicating the country’s commitment to meeting its financial obligations, sources added.
FBR sources said Pakistan has fully complied with requirements regarding tax exemption and amnesty. The prescribed exchange rate of 1.25 percent between interbank and open market currency exchange continues to be maintained.
The timely implementation of conditions related to the rebasing of electricity rates and the increase in gas prices has also been noted. Sources said the review of the Finance Ministry’s report on target implementation will be finalized before the arrival of an IMF mission in Islamabad.
Sources added that challenges still remain despite considerable progress, particularly concerning the amendment of laws governing state-owned entities. Laws on entities such as the National Highway Authority, Pakistan Post, and Pakistan Broadcasting Corporation have not yet been amended as per the IMF requirements.
Looking ahead, it is expected that an IMF mission will visit Pakistan following the formation of the new government.
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