Islamabad May 30 2023: The International Monetary Fund (IMF) remains in touch with Pakistan’s authorities in order to pave the way for a board meeting before a financing program expires at the end of June, the IMF mission chief for Pakistan said.
Ordinarily, a board meeting on a review of the program would require a prior staff-level agreement, which in Pakistan’s case would unlock $1.2 billion in financing as part of a $6.5 billion IMF package.
“This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with program goals, and adequate financing,” IMF mission chief Nathan Porter said.
Porter said that broadly speaking, “overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.”
While the IMF does not comment on domestic politics, Porter said it hopes “a peaceful way forward is found in line with the Constitution and the rule of law,” referring to Pakistan’s political instability.
