ISLAMABAD – Pakistan’s crucial financial talks with International Monetary Fund (IMF) remain inconclusive as of now and a review mission will arrive in Asian nation after the upcoming elections.
The mission of US-based lender will discuss $3 billion Standby Arrangement (SBA) programme with the next government.
Reports in local media said the exact schedule of IMF officials has not been confirmed yet, but it is expected to take place after the polls, which are slated to be held next month.
International Monetary Fund (IMF) initially planned the second review for March 1, 2024, but Pakistan proposed a new date of March 15, 2024.
If the upcoming review is completed by mid-March 2024, the IMF’s Executive Board could approve the $1.1 billion tranche by April.
As of now, there is uncertainty about how the transition from the current program to a new one would happen as the crisis-hit country heads to the polls. Meanwhile, the timing of signing the program will depend on the formation of next government.
Previously, it was reported that political parties asked to accomplish the second review during the tenure of the caretaker setup.
The country of 240 million still requires an additional IMF program and assistance from other firendly nations and lenders beyond the current election cycle and the ongoing standby arrangement.
IMF also revised the projection for Islamabad’s external financing needs for FY 24 to $24.965 billion.
US-based lender earlier approved $700 million loan for Pakistan under a $3 billion bailout, bringing total disbursements under a Standby Arrangement (SBA) signed last year to about $1.9 billion.
