IMF mission arrives in Pakistan for economic review
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The IMF review mission has arrived in Pakistan to conduct an economic review regarding the payment of the next installment of $1 billion from the $7 billion bailout package.
According to sources in the Ministry of Finance, economic review negotiations with the International Monetary Fund (IMF) will continue until March 15. In this regard, the first phase will involve technical discussions, while the second phase will focus on policy-level negotiations.
Led by Nathan Porter, the 9-member IMF delegation will stay in Pakistan for almost two weeks and will also provide proposals for the upcoming budget for fiscal year 2025-2026, Express News reported.
Sources have indicated that relief for salaried individuals will only be possible if the IMF gives its approval. The review mission will hold discussions with the Ministry of Finance, Ministry of Energy, Planning, and the State Bank.
According to sources, the IMF delegation will also hold talks with other institutions and ministries, including the FBR, OGRA, NEPRA, and others.
Earlier, adviser to the Pakistan finance minister said that the IMF will also discuss around $1 billion in climate financing for Pakistan.
Advisor to Finance Minister Khurram Schehzad told Reuters that the mission would visit from February 24 to 28 for a 'review and discussion' of climate resilience funding.
The disbursement will take place under the Fund's Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Pakistan made a formal request in October last year for around $1 billion in funding from the IMF under the trust, to address the nation's vulnerability to climate change.
The country's economy is on a long path to recovery after being stabilised under a $7 billion IMF Extended Fund Facility it secured late last year.
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