Islamabad January 26 2023: IMF team to visit Pakistan at the end of this month to conclude 9th review of Extended Fund Facility according to IMF Officials.
“At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31st – February 9th” says IMF representative to Pakistan.
Team will continue the discussions under the Ninth EFF review. The EFF was approved by the Executive Board on July 3, 2019 (see Press Release No. 19/264 ) for SDR 4,268 million (about USD 6 billion at the time of approval, or 210 percent of quota). In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about USD 6.5 billion.
The mission will focus on policies to restore domestic and external sustainability
IMF wants Pakistan to strengthen the fiscal position with durable and high quality measures while supporting the vulnerable and those affected by the floods; restore the viability of the power sector and reverse the continued accumulation of circular debt; and reestablish the proper functioning of the FX market, allowing the exchange rate to clear the FX shortage.
Stronger policy efforts and reforms are critical to reduce the current elevated uncertainty that weighs on the outlook, strengthen Pakistan’s resilience, and obtain financing support from official partners and the markets that is vital for Pakistan’s sustainable development.
