Saturday, May 21, 2022

IMF Executive Board to Hold Sixth Review of Pakistan’s Economy Today

Today, the Executive Board of the International Monetary Fund (IMF) will examine the economy of Pakistan in Washington D.C.

Initially scheduled for January 12, 2022, and later January 28, 2022, respectively, the Sixth Review and distribution of a $1 billion tranche under the Extended Fund Facility (EFF) was postponed twice earlier after receiving a request from the Pakistani authorities.

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The IMF board will grant a $1 billion loan tranche for Pakistan if it determines that efforts such as the adoption of the mini-budget and the passing of a law to allow greater autonomy to the State Bank of Pakistan have been taken to meet its requirements.

A report on the IMF’s implementation of the previous conditions has been submitted, according to officials from the finance ministry. “Subsidies and tax concessions worth up to 343 billion rupees to various sectors have been withdrawn, and a law has been passed that grants greater autonomy to the central bank,” the officials said.

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Prior to that, in Washington, a delegation from the Ministry of Finance negotiated an agreement with the IMF team at the staff level in November.

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