Pakistani authorities and the International Monetary Fund (IMF) have successfully completed the final review of the $3 billion Standby Arrangement (SBA) for Pakistan.
Sources told ProPakistani that the IMF is expected to issue a statement in this regard later today. Sources in the Ministry of Finance also confirmed that the review has been successfully completed.
A day earlier, both sides extended talks for a day to conclude the Memorandum of Economic and Financial Policies (MEFP). The success of the review will help Pakistan unlock the final loan tranche of $1.1 billion, after approval from the Fund’s executive board.
US, Chinese Envoys meet Finance Minister
In a related development, US Ambassador Donald Blome met Finance Minister Muhammad Aurangzeb today. Ambassador Blome noted the US government’s support for Pakistan’s work with the IMF to complete its current Stand-By Arrangement (SBA).
The envoy also underscored his commitment to expanding further US-Pakistan economic cooperation in areas of mutual interest.
Separately, Ambassador of China Jiang Zaidong also called on Aurangzeb to discuss key matters pertaining to economic cooperation and bilateral relations between Pakistan and China.
Both sides agreed to advance their collaboration in various sectors, including industrial zones, agriculture, mineral and mining, as well as renewable energy. It was discussed that next phase of CPEC would focus on monetisation of gains made during the first phase.
Sources told ProPakistani that the Chinese envoy also expressed concern over overdue payments to the Chinese Independent Power Producers (IPPs). However, the finance minister assured the envoy that the pending payment will be cleared.
