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IMF Informs Pakistan About Strict Conditions for Next Bailout

Pakistan on track for a potential $8 billion IMF deal by July

The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas

The International Monetary Fund (IMF) has emphasized the importance of Pakistan meeting all the criteria set forth in its $3 billion stand-by arrangement (SBA). In an initial meeting between the IMF mission, led by Nathon Porter, and caretaker Finance Minister Dr. Shamshad Akhtar, Pakistan’s commitment to the program was discussed. Also present at the meeting were State Bank of Pakistan Governor Jameel Ahmad and officials from the Federal Board of Revenue (FBR).

During this session, a comprehensive evaluation of the country’s economic progress under the SBA was carried out, with the IMF acknowledging Pakistan’s efforts while emphasizing the need for strict adherence to all the targets. Minister Akhtar reassured the IMF that Pakistan had successfully met the stipulated conditions, showcasing the country’s determination to adhere to the IMF’s requirements.

Significantly, Pakistan has taken stringent measures to comply with the loan agreement, including raising electricity and gas rates. Moreover, the government is actively working to reduce its expenditures and advance its privatization program, demonstrating its dedication to fulfilling the IMF’s conditions.

Furthermore, the FBR has exceeded its tax collection target during the initial quarter of the current financial year, indicating Pakistan’s commitment to meeting its fiscal obligations under the IMF program.

The IMF mission will soon receive a detailed report on the progress made in achieving financial targets, shedding light on Pakistan’s current economic status. The mission’s two-week itinerary includes the first review of the standby arrangement.

Should Pakistan’s performance meet the IMF’s satisfaction during the review, a second tranche of $700 million will be disbursed. The positive outcome of this review will have significant implications for Pakistan’s economic stability and its ability to continue receiving crucial financial support from the IMF.

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