Summary
- An International Monetary Fund (IMF) mission has arrived in Pakistan to begin discussions on the next review of the country’s economic performance under the ongoing loan programme.
- According to sources in the Ministry of Finance, the IMF team is currently in Karachi and will start technical-level discussions with officials of the State Bank of Pakistan (SBP) on Wednesday.
- SBP officials are expected to brief the IMF delegation on Pakistan’s recent economic performance, including foreign exchange reserves, monetary policy, imports and developments in the foreign exchange market.
An International Monetary Fund (IMF) mission has arrived in Pakistan to begin discussions on the next review of the country’s economic performance under the ongoing loan programme.
According to sources in the Ministry of Finance, the IMF team is currently in Karachi and will start technical-level discussions with officials of the State Bank of Pakistan (SBP) on Wednesday. The initial talks will focus on key monetary and external sector indicators as part of the review process.
SBP officials are expected to brief the IMF delegation on Pakistan’s recent economic performance, including foreign exchange reserves, monetary policy, imports and developments in the foreign exchange market.
Officials will also discuss the country’s progress in maintaining foreign exchange reserves above the $17 billion target. The technical talks are expected to cover the current account position and developments that could affect Pakistan’s external financing requirements.
The IMF team will also receive a briefing on the increase in foreign direct investment and measures aimed at improving foreign investment inflows. Pakistani officials are expected to highlight the successful issuance of Eurobonds and explain the funds secured through external sources.
The IMF delegation will conclude its meetings with the central bank before travelling to Islamabad on September 25. During its stay in the capital, the team is expected to hold discussions with provincial governments and representatives of the business community.
Formal programme-level negotiations between Pakistan and the IMF are scheduled to begin on September 28 after Finance Minister Muhammad Aurangzeb returns from the United States.
The formal review will involve several rounds of discussions with officials from the Ministry of Finance, the Privatisation Ministry, the Ministry of Energy and the Federal Board of Revenue (FBR).
The review will assess Pakistan’s progress against the commitments and targets agreed under the IMF programme and will help determine the country’s eligibility for the next loan tranche.
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