IMF continues its engagement with Pakistan as current financing program ends in June

IMF continues its engagement with Pakistan as current financing program ends in June

ISLAMABAD – Cash-strapped Pakistan and International Monetary Fund (IMF) continued talks for bailout funds which remained stalled since November last year.

Amid muted hopes for a revival of IMF program, the mission chief said they are in touch with Pakistani authorities to pave the way for a board meeting before the end of current financing program.

Generally, a board meeting on a review of the program would require a prior staff-level agreement, which continues to delay as all eyes are on the revival of the program while inflation skyrocketed over 150 percent, currently clocking at 35pc.

In a statement, IMF mission chief Nathan Porter said recent interaction will focus on the restoration of foreign exchange proper market functioning, the passage of FY24 budget consistent with program goals, and adequate financing.

The two sides will discuss strategies for the restoration of foreign exchange proper market functioning, the passage of the fiscal year 2024 budget consistent with program goals, and financing to pave the way for a Board meeting.

IMF mission chief said the current situation requires sustained policy efforts and reforms to regain strong and inclusive private-led growth.