Islamabad April 13 2023: IMF is confident that Pakistan Staff Level Agreement (SLA) will be signed soon followed by the IMF Board’s approval, says IMF Director Jihad Azour.
Successful completion of the ninth review under the Extended Fund Facility (EFF) for Pakistan, would allow the authorities to draw the equivalent of SDR 894 million (about US$1.1 billion).
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar attended IMF/World Bank Spring meetings through Zoom with high level IMF team headed by Jihad Azour Director Middle East and Central Asia Department (MCD).
Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha attended the meeting virtually, said a press release issued here.
The two sides discussed the progress made with the ongoing IMF program, particularly talks held with the IMF Mission during their visit to Pakistan and implementation of prior actions.
Jihad Azour, Director, IMF expressed his confidence that Staff Level Agreement (SLA) will be signed soon followed by the IMF Board’s approval.
He hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF Programme in time and IMF will play its positive role in bringing economic stability in Pakistan.
Finance Minister Senator Mohammad Ishaq Dar mentioned that due to local important commitments, Prime Minister Shehbaz Sharif has asked him to stay in Pakistan due to which he had to cancel his scheduled visit to Washington DC and therefore he is attending the IMF/World Bank Spring meetings via zoom from Pakistan.
Dar apprised IMF team about the economic challenges being faced by the country. He further shared the GoP’s vision for bringing about macroeconomic stability in the country.
He also informed that all prior actions for 9th Review under the Extended Fund Facility have already been completed and Government of Pakistan is fully committed to fulfil its obligations as agreed with the IMF.
Dar mentioned that the only IMF Program completed successfully was under his previous tenure as Finance Minister.
Finance Minister thanked Director Jihad Azour and his IMF team for support extended in completing 9th Review.
Whereas Ambassador of Pakistan to the USA Masood Ahmad Khan, Governor SBP Jamil Ahmad, Secretary Finance, Secretary EAD attended in person.
The EFF was approved by the Executive Board on July 3, 2019 for SDR 4,268 million (about US$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 US$6.5 billion.