Skip to main content

The arrival of the IMF delegation to Pakistan, the formal start of negotiations with the international financial institution

The arrival of the IMF delegation to Pakistan, the formal start of negotiations with the international financial institution

Negotiations on the final review of the Stand-by Arrangement between Pakistan and the International Monetary Fund (IMF) are taking place in Islamabad starting today.

The International Financial Institution delegation arrived in Pakistan late in the evening.


According to Pakistan's Ministry of Finance, negotiations under the stand-by agreement will begin today and will continue until March 18. Upon successful completion of the latest economic assessment, Pakistan will receive 1 billion 10 million dollars.

The IMF delegation is led by the head of the mission, Nathan Porter, who will hold talks with the Ministry of Finance, the State Bank and other relevant authorities of Pakistan.

Introductory meeting between the IMF delegation and the economic team of the Ministry of Finance

The IMF delegation coming to Pakistan for economic review talks had an introductory meeting with the economic team of the Ministry of Finance. Officials included in the economic team, including Finance Minister Muhammad Aurangzeb, were present at the meeting.

According to the Ministry of Finance, the IMF delegation has scheduled separate meetings with the Minister of Finance, the Governor of the State Bank and the Minister of Energy. Finance Minister Muhammad Aurangzeb will brief the IMF mission on the government's priorities.

The Minister of Energy will also report to the IMF mission on the implementation of the targets. The Governor will report to the IMF State Bank mission on the implementation of IMF objectives.

Finance Ministry officials say that under the second economic review, Pakistan has implemented all IMF targets. Finance Ministry officials will submit a report on the implementation of the targets to the IMF mission.

Pakistan's stand-by agreement with the IMF

Pakistan's stand-by agreement with the IMF



Pakistan's stand-by agreement with the IMF

Pakistan needs help from international organizations to meet its financial needs and among these organizations the name of International Monetary Fund i.e. IMF is always in the foreground.

Pakistan's stand-by agreement with the International Monetary Fund ends in June 2023 and expires on April 12, 2024, i.e. next month.

Under this agreement, Pakistan would receive a total of $3 billion in installments over a period of nine months. Pakistan is yet to receive the final payment of $1.1 billion from the $3 billion program.

Negotiations with the IMF are among the government's priorities: Minister of Finance

The new Finance Minister, Muhammad Aurangzeb Ramde, stated that the IMF program is one of his priorities.

In an informal conversation with media, he said that completion of current IMF program and future program are also very important for Pakistan for which negotiations will be held with IMF.

Muhammad Aurangzeb said that the current fiscal year 2024-25 will be difficult for Pakistan, but he will work to get the country out of this problem.

He said that I will focus all my attention on improving the economic situation of Pakistan. Now more than words and statements, practical measures are needed. 

Comments

Popular posts from this blog

Sheikh Hasina 'still prime minister' of Bangladesh, claims son

NEW DELHI: Bangladeshi leader Sheikh Hasina had not resigned as prime minister before fleeing to India this week as anti-government protesters marched on her official residence, her son and adviser told Reuters on Saturday morning. Hasina has been holed up in New Delhi since Monday following an uprising that killed about 300 people, many of them students, ending her unbroken 15-year rule in the country of 170 million people. "My mother never officially resigned. She didn't have time," Hasina's son Sajeeb Wazed told Reuters from Washington. "She had planned to make a statement and tender her resignation. But then protesters started marching on the prime minister's residence. And there was no time. My mother hadn't even packed her bags. As far as the constitution is concerned, she remains the prime minister of Bangladesh." He said that although the president had dissolved parliament after consultations with military chiefs and opposition politicians, t...

Bangladesh PM Hasina quits and flees as protesters storm palace

  Bangladesh’s Prime Minister Sheikh Hasina has resigned and fled the country in the face of   ongoing protests . The longtime leader of the country has boarded a military helicopter, an aide told Al Jazeera, after crowds ignored a national curfew to storm the prime minister’s palace in Dhaka on Monday. Keep reading list of 3 items list 1 of 3 Sheikh Hasina: Once Bangladesh’s democracy icon, now its ‘authoritarian’ PM list 2 of 3 ‘Dummy’ candidates, coerced voting: Inside Bangladesh’s election ‘charade’ list 3 of 3 Bangladesh’s ‘missing billionaires’: A wealth boom and stark inequality end of list Close to 300 people have died amid weeks of protest the authorities have sought to crush. Following a night of deadly violence that killed close to 100 on Sunday, tension had remained high on Monday as protesters called for a march on Dhaka and the army prepared to address the nation. By early afternoon, however, media reported that the mood on the streets had turned to one of celebr...