IMF Executive Board Conduct the 6th Review of Pakistan s’ Economy today

ISLAMABAD: On Wednesday, the Executive Board of the International Monetary Fund (IMF) will meet in Washington to examine Pakistan’s economy.

After receiving a request from the Pakistani authorities, the Sixth Review and delivery of a $1 billion tranche under the Extended Fund Facility (EFF) were postponed twice earlier, on January 12, 2022, and then on January 28, 2022.

If the board determines that initiatives like the approval of the mini-budget and a bill to give the State Bank of Pakistan greater autonomy are adequate, it will approve a $1 billion loan tranche for Pakistan.

“A report on the implementation of the prior conditions has been sent to the IMF,” officials from the finance ministry said, adding that “subsidies and tax concessions worth up to 343 billion rupees to various sectors have been withdrawn, and legislation giving the central bank greater autonomy has been passed.”

After prolonged discussions in Washington, a finance ministry delegation struck a staff-level agreement with the IMF team in November.