In a significant move, the Ministry of Finance has revoked the public holiday originally scheduled for 9th November, making it a working day for finance division only. The decision was made to accommodate pre-arranged meetings with the International Monetary Fund (IMF) as part of the ongoing review of Pakistan’s $3 billion Standby Arrangement.
As per an official circular dated November 6, the Finance Secretary declared November 9, 2023, a working day exclusively for the employees of the Finance Division. The circular emphasized the importance of ensuring the attendance of officers and officials on this day.
The discussions with the IMF had already commenced in the previous week, with both parties exchanging crucial data to expedite the ongoing review process. This review is of paramount significance as it could lead to the disbursement of a second tranche of $700 million by the lender.
The outcome of the review holds substantial implications for Pakistan’s economic stability and its capacity to secure continued financial support from the IMF. Should the lender find Pakistan’s performance satisfactory, it would pave the way for vital financial aid, which is essential in these challenging times.
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