Pakistan asked that Prime Minister Shehbaz Sharif meet with IMF Managing Director Kristalina Georgieva on the sidelines of the upcoming New Global Financing Pact Summit, which will be held in Paris on June 22-23.
Despite multiple attempts by Pakistan, expectations for the revival of the IMF programme, which is set to expire on June 30, are fading.
Since November 2022, the upcoming ninth review under the Extended Fund Facility (EFF) programme has remained a distant memory.
“If this request is denied, there will be no way to restart the Fund programme through the $6.7 billion Extended Fund Facility.” However, if the meeting is held and both sides reach an agreement, the chances of resuming the plan improve,” a top official told The News on Tuesday.
The IMF deployed a review team from January 31 to February 9, 2023, but the Staff Level Agreement (SLA) was unable to be signed.
The IMF required prior action before signing the SLA, which has yet to be fulfilled.
In April, Finance Minister Ishaq Dar convened virtual meetings with IMF officials in an attempt to reach an agreement, but failed to break the ice between the two parties.
The prime minister then called the IMF’s managing director to discuss difficulties for the one-year reactivation of the stalled programme. However, nothing significant was accomplished.
Later, IMF Resident Chief Esther Perez Ruiz released a statement opposing the 2023-24 budget.
The Ministry of Finance responded with a statement as well, although all parties expressed a desire to continue working together to complete the upcoming ninth review.
FinMin Dar met virtually with Britain’s Minister of State in the Foreign, Commonwealth, and Development Office (FCDO), Andrew Mitchell, on Tuesday.
Mitchell expressed deep sorrow and sympathy over the deaths of a large number of Pakistani residents in the recent boat capsizing disaster in Greece, according to an official statement issued by the Ministry of Finance.
Dar expressed gratitude for the sympathies and stated that unlawful human trafficking has become a major issue internationally and must be addressed as soon as possible.
Mitchell observed that Pakistan has worked hard to achieve economic stability through a variety of policy measures. He also assured Pakistan of the British government’s ongoing support and help.
