IMF mission to visit Pakistan for second review after new cabinet

Islamabad: The International Monetary Fund (IMF) has announced to send its mission to Pakistan for the second review of the standby program after formation of a new cabinet in Pakistan.

The IMF's director of communications said that the current focus is on completing the current standby program, which ends in April 2024.

He stated that IMF is looking forward to working with the new government on policies to ensure economic stability.

It is pertinent to note that the Ministry of Finance has started preparations for important negotiations with the IMF review mission and a formal invitation will be sent to this creditor of Washington immediately after the formation and swearing in of the federal cabinet.

According to the media reports, top government officials confirmed that IMF is also waiting to receive a formal invitation from Islamabad and it is likely soon after the formation of the cabinet.

The IMF team will arrive in Pakistan to start negotiations for the completion of the second review of the $3 billion standby agreement, while at the same time, Pakistan has also applied for a fresh deal of extended fund facility for 36 months.

The future EFF (Extended Fund Facility) program has not yet been discussed or finalized, but Islamabad will consider the possibility of strengthening the EFF so that the scope of finance is $6 billion which can be increased up to eight billion dollars.