Pakistan will begin staff-level conversations with the International Monetary Fund (IMF) by the end of this month in order to obtain the release of the sixth tranche of the $6 billion Extended Fund Facility (EFF), which was approved last year.
The International Monetary Fund’s board of directors will gather later this month to conduct its sixth review of the Pakistan program. “On September 29, our technical team will begin virtual negotiations with the technical team of the International Monetary Fund,” Finance Minister Shaukat Tarin said.
He went on to state that the fund had provided him with a list of topics that needed to be handled. According to the White House, the final permission will be given by the middle of next month. Mr. Tarin continued.
From October 15-17, the finance minister will be in Washington, D.C., for discussions with senior IMF officials.
In July 2019, the International Monetary Fund authorized a $6 billion EFF arrangement with Pakistan to fund Islamabad’s economic reform program over a 39-month period.
The government has suspended the IMF program for three months in order to pursue its own revenue-boosting policies, rather than imposing additional burdens on the already-taxpaying public.
During the first two months of the year, Mr. Tarin stated that the company’s revenue performance exceeded expectations. “We have demonstrated that our revenue-generating plan is superior to the one mandated by the fund,” the minister said, adding that this year’s results would be even better than last year’s.
The minister asserted that his policy prescriptions had yielded positive results. In his remarks, the minister stated, “We are adhering to what we believe is right, and they are sticking to what they believe is right.”
It is worth noting that Mr. Tarin’s tenure as federal finance minister, representing Pakistan at high-level negotiations in Washington, would come to an end on October 17.
During his visit, Mr. Tarin will be in the position of federal finance minister until the end of his constitutional tenure, which began on April 16, this year, and was granted by the prime minister under Article 91(9) of the Constitution, which grants the prime minister the authority to appoint someone who is not elected to the position for a period of six months.
Apparently, in order to depose self-exiled former finance minister Ishaq Dar and free up a senatorial seat for Mr. Tarin, the administration recently drafted an ordinance making it essential for an elected official to take the oath of office within 60 days of being appointed to their position.