After meeting the managing director of the International Monetary Fund (IMF), Prime Minister Shehbaz Sharif said Pakistan was “eagerly awaiting” the lender’s executive board’s “earliest approval of the 9th review”.
In response to IMF MD Kristalina Georgieva’s tweet regarding her meeting with him, Prime Minister Shehbaz said, “It was a pleasure to meet you and have a fruitful discussion on IMF’s continued engagement with Pakistan.” “
The Prime Minister assured that the government is fully committed to the ongoing Expanded Fund Facility (EFF) which is due to expire this month.
“Though all preliminaries for the ninth review have been completed, we are ready to take further steps jointly with the IMF. Pakistan is eagerly awaiting the approval of the IMF Board for the ninth review at the earliest.” It is,” said the Prime Minister.
It was a pleasure to meet you & have a productive exchange of views on the IMF's continued engagement with Pakistan. The government is fully committed to the ongoing Extended Fund Facility (EFF). Though all prior actions for the 9th Review have been completed, we are willing to… https://t.co/1fAsxJsWeV
— Shehbaz Sharif (@CMShehbaz) June 22, 2023
Prime Minister Shehbaz met the IMF MD earlier today and urged the lender to release the frozen funds as Pakistan has fulfilled all the conditions.
The Prime Minister made the meeting on the sidelines of the summit for the New Global Monetary Agreement to be held in Paris to assure the IMF of the country’s commitment to fulfill all commitments made in this regard.
Both discussed ongoing programs and cooperation between Pakistan and the Washington-based lender.
Recalling their last telephonic conversation, the Prime Minister apprised Georgieva of Pakistan’s economic outlook.
He outlined the steps taken by his government for economic growth and stability, stressing that all preliminaries for the 9th review under the EFF have been completed, and agreed with the Pakistan Fund. Fully committed to fulfilling its obligations.
The Prime Minister hoped that the funds allocated under the EFF would be released as soon as possible. “This will strengthen Pakistan’s ongoing efforts to stabilize its economy and provide relief to its people.”
In response, Georgieva shared her institution’s perspective on the ongoing review process.
The meeting provided a useful opportunity to review the progress made in this context.
Pakistan barely has enough currency reserves to cover one month’s imports. It had hoped for $1.1 billion of the funds to be released in November – but the IMF has insisted on several conditions before further disbursements.
With time for just one final IMF board review before the end of the 6.5 billion EFF, Pakistan was expected to deliver a budget consistent with program objectives, restore the proper functioning of the FX market, and would close a $6 billion gap across the board.
