ISLAMABAD: The International Monetary Fund (IMF) stands ready to hold a mission for the second review of the stand-by arrangement shortly after a new cabinet is formed.

This was stated by the Communication Director of IMF Julie Kozack, while addressing a media briefing.

The Fund official stated that on January 11, the IMF Executive Board approved the first review of the stand-by arrangement with Pakistan, bringing total disbursements under the stand-by arrangement to about $1.9 million.

The SBA-supported program underpins the authority’s efforts to stabilize the economy with a strong emphasis on protecting the most vulnerable segments of the population.

SBA: IMF awaits formation of PM Shehbaz's cabinet ahead of sending mission for 2nd review

She further stated that during the period of the caretaker government, the authorities have maintained economic stability through strict adherence to the fiscal targets while protecting the social safety net, maintaining a tight monetary policy stance to control inflation, and continuing to build foreign exchange reserves. And this has been done at the same time as implementing timely adjustments in tariffs to shore up the viability of the energy sector.

“The IMF stands ready to hold a mission for the second review of the Stand-by shortly after a new cabinet is formed. The focus, therefore, is currently on the completion of the current stand-by program, which ends in April 2024. We look forward to working with the new government on policies to ensure macroeconomic stability”, the Fund official added.

When asked about political instability, she replied; “I’m not going to comment on politics. Only to say that the IMF stands ready, as I said, to send a mission after a new cabinet is formed and we look forward to working with the government to ensure stability, macroeconomic stability, for the good of the people of Pakistan”.

Copyright Business Recorder, 2024