ISLAMABAD: The International Monetary Fund would remain engaged with Pakistan, through policy advice and technical assistance. David Hawley, Deputy Director, External Relations Department, IMF, during a press conference while responding to an on-line question asked by Business Recorder on the suspended Stand-By Arrangement program, stated.
"The Article IV is to conduct the annual review of the outlook for the economy, and specifically on the program which is what this question referred to. The program ended on September 30, 2011. We're fully engaged with the authorities, through policy advice and technical assistance, and there is an Article IV mission scheduled to visit the country in November".
The IMF holds bilateral discussions with members, usually every year, under Article IV of the IMF's Articles of Agreement. The Article IV consultations are expected to take place in Dubai as the IMF team has indicated its unwillingness to travel to Pakistan, given that a travel advisory against travel to Pakistan is in effect.
Pakistan has to repay SDR 60.3 million, with an interest of SDR 27.9 million, to the IMF, in calendar year 2011, as the first repayment instalment of the loan received under Stand-By Arrangement (SBA) program. The unsuccessful conclusion of the IMF programme has also put at risk the budgetary reliance on external assistance to the tune of Rs 117.8 billion under programme loans.