ISLAMABAD: The International Monetary Fund (IMF) Executive Board has issued meetings scheduled till May 17, but Pakistan is not on the agenda as the ninth review under the Extended Fund Facility (EFF) programme remains pending.
According to the IMF Executive Board calendar available on its website, next meetings are scheduled for May 11, 15, and then again on May 17, 2023; however, Pakistan is not on the agenda though it could be added in the event that the ninth review is declared a success.
IMF to wrap up bailout review once financing in place
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 electricity subsidy to exporters.
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.
The IMF, while responding to Business Recorder last week, stated that the Fund continues to work with the Pakistani authorities to bring the ninth review to a conclusion once the necessary financing is in place and the agreement is finalised.
Copyright Business Recorder, 2023