ISLAMABAD – The International Monetary Fund (IMF) has deferred the January 12 meeting of its executive board for the 6th review of Pakistan’s $6 billion loan programme.
The meeting has been postponed on the request of Pakistani authorities, officials said. The meeting is expected to be held in end January.
In December 2021, the PTI government tabled the Finance (Supplementary) Bill 2021, which is dubbed as mini-budget by opposition parties, and State Bank (Amendment) Bill 2021 in the National Assembly, implementing the main prior conditions imposed by IMF for the revival of its $6 billion loan programme.
Pakistan secured the loan in 2019, but it has been stalled since March 2021.
The parliamentary approval of the bill would enable government to generate additional revenues of around Rs343 billion mainly through withdrawing sales tax exemptions on nearly 150 items.
“The board meeting for consideration and eventual approval of the 6th review under the EFF (Extended Fund Facility) is being postponed at the request of the authorities,” Esther Perez Ruiz, the IMF country representative for Pakistan, told Arab News on Monday.
“The new date is yet to be determined,” she added.
Pakistan’s finance ministry said early Monday it had requested the IMF to reschedule the meeting at the end of this month.
“Government of Pakistan has introduced both the bills in the National Assembly and IMF has moved the 6th tranche recommendation to its board for consideration on the 12th January,” it said in a statement.
“As soon as the legislative procedures are completed, the IMF board will consider it for approval.”
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