The International Monetary Fund (IMF) mission has arrived in Pakistan for the next review of Pakistan’s ongoing loan programme. The delegation has initially stayed in Karachi, where technical discussions will be held with State Bank officials.
According to sources in the Ministry of Finance, the current situation of the country’s economy and external sector data will be reviewed in the initial sessions. The State Bank will brief IMF officials on recent economic developments and related targets.
Various issues including foreign exchange reserves, imports, foreign exchange market and monetary policy are likely to be discussed in this phase of the talks. Pakistan has also achieved the target of maintaining foreign exchange reserves above $17 billion.
According to sources, the current account situation will also be an important part of the talks. In addition, progress on foreign direct investment, external financing and recent Eurobond issuance will be shared with the IMF delegation.
A review of Pakistan’s external financing needs and funds received from various sources will also be included in the technical talks. Progress on the programme’s targets will be seen based on economic data available on both sides.
After completing the initial consultations in Karachi, the IMF mission will move to Islamabad on September 25. There, the scope of the talks will be expanded, and discussions will be held with various federal and provincial institutions.
Sources say that the IMF delegation will also meet provincial governments and business representatives. Issues related to business activities, investment climate and ongoing economic reforms may come under discussion in these meetings.
Formal talks between Pakistan and the IMF are expected to begin on September 28. This phase will proceed after the Finance Minister returns from the US.
In addition to the Ministry of Finance, officials from the Privatisation Division, the Ministry of Energy and the Federal Board of Revenue will also participate in the broader talks. The steps taken under the programme in various sectors and future policy priorities will be discussed.
During the review, Pakistan’s economic performance, progress on the set targets and the steps taken under the loan programme will be reviewed. The progress that emerges in the talks will be important for matters related to the next phase and the next tranche of the programme.
The current arrival of the IMF mission has come at a time when Pakistan is trying to further improve its economic stability and external financial position. A detailed review of various aspects of the programme is expected in the talks in Islamabad after the technical consultations in Karachi.
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