- IMF mission chief in Pakistan Nathan Porter will lead the delegation.
- The Finance Ministry has started preparations for talks with the IMF.
- The ministry held the meeting to get updates on all structural benchmarks, norms.
An International Monetary Fund (IMF) delegation is scheduled to visit Pakistan on November 2 for talks regarding the initial assessment of the country’s $3 billion Standby Arrangement (SBA).
The Finance Ministry has also started preparations for the upcoming talks with the global lending institution.
The development was confirmed by the IMF’s local representative, Esther Pérez Ruiz, as the cash-strapped country, which is currently operating under a caretaker administration, is set to get its loan program approved by the IMF in July this year. The latter is trying to move towards economic revival.
The loan program averted a sovereign debt default and Pakistan received the first $1.2 billion tranche from the Washington-based lender soon after approval.
“An International Monetary Fund team led by Mr. Nathan Porter will begin a mission to Pakistan from November 2 in the first review under the existing stand-by arrangement,” Ruiz said. reuters,
Meanwhile, the Finance Secretary has called an important meeting of all ministries, divisions and departments tomorrow (Thursday) to get an update on all structural benchmarks, indicative benchmarks and performance criteria agreed with the IMF for the end of September 2023.
According to newsThe Finance Ministry has made every possible effort to limit the budget deficit target within the limits agreed with the lender.
It had warned provinces to reduce spending, and the latest provisional estimates show Punjab and Sindh have made significant progress on this.
Another challenge to limiting the overall fiscal deficit is the rising debt service requirements, which will almost certainly rise to Rs 8.3 trillion to Rs 8.5 trillion for the current fiscal year 2023-24 against the initial envisaged target of Rs 7.3 trillion. trillion in view of the central bank’s increased policy rate.
-Additional input by Reuters