In preparation for the stalled 9th review of Pakistan’s $7 billion Extended Fund Facility (EFF), Pakistan and the International Monetary Fund (IMF’s) may finalize a schedule in the near future.
The first round of virtual talks between Pakistan and the IMF’s about the 9th review were inconclusive, according to sources.
It was reported that Pakistani officials, under the guidance of Secretary Finance, assured the IMF that all previous actions would be completed. As well as sharing information about the budget and other areas with the IMF, Pakistan has also shared extra information with them.
The Pakistani government reportedly requested the IMF to send its mission to Islamabad in a bid to revive the derailed bailout programme. Prior to implementing the IMF team’s recommendations, the FBR was urged to implement a market-based exchange rate, impose new taxes for the current fiscal year and end subsidy programs.
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Pakistan will once again try to finalize the date of the lender’s team’s visit to Islamabad during the second round of virtual talks between the IMF and Finance Ministry officials scheduled for tomorrow, according to sources.
Pakistan had conveyed its desire to complete the 9th review to the International Monetary Fund (IMF) earlier in the day, Prime Minister Shehbaz Sharif said.
The IMF has received our message that we want the 9th review to be completed by the end of the year. According to the prime minister, “We are prepared and want to sit down to discuss your conditions so that the process can be concluded and Pakistan can move forward.”
Pakistan requested that the IMF send its team to complete the 9th review, but the IMF has refused and asked the Finance Ministry to first take all necessary steps.