ISLAMABAD: Pakistan is reportedly not on the agenda of the International Monetary Fund (IMF) Executive Board meetings scheduled through June 29 as the 9th review of the Extended Fund Facility (EFF) program is still pending.
On June 30, 2023, the $6.5 billion IMF program is set to expire, with about $2.6 billion still unpaid.
The next meetings of the IMF Executive Board are scheduled for June 20, 21, 22, 26, 27, 28, and then again on June 29, 2023. Pakistan is not on the agenda for these meetings, although it might be added if the ninth review is deemed successful.
As per the IMF Staff report “Pakistan: Seventh, and Eighth Reviews of the extended arrangement,” the proposed schedule for the ninth review was November 3, 2022, but was delayed due to the failure of the government to implement agreed time-bound conditions and structural benchmarks, as well as, violation of the spirit of the agreed seventh/eighth review particularly with respect to controlling the rupee rate artificially without the necessary reserves to intervene in the market and extending unfunded subsidy.
The tenth review’s schedule as per the seventh/eighth review documents was February 3, 2023, but the ninth review is yet to be completed.
Meanwhile, Prime Minister Shehbaz Sharif reportedly on Monday made contact with almost a dozen major international players to inform them of Pakistan’s efforts to resurrect the $6.5 billion bailout program.
The prime minister held a background meeting with the ambassadors from the Western, European and Asian countries, The Express Tribune reported on Tuesday. The meeting took place just 11 days before the expiry of the current IMF program, which could also be the last such interaction.
According to the report, the prime minister informed the foreign ambassadors of the efforts he and Finance Minister Ishaq Dar personally made over the course of the previous several months.
The prime minister once more expressed the government’s desire to receive at least the $1.2 billion tranche of the $2.6 billion that is contingent upon the conclusion of the ongoing 9th review.
