By late October, an IMF delegation will arrive in Pakistan.
ISLAMABAD: An IMF team will visit Pakistan in the final week of October to assess the nation’s economic progress over the first three months of the current fiscal year.
The interim administration and the mission will also debate reforms in a number of sectors, including taxation and energy, according to sources in the ministry of finance.
They claimed that after the IMF’s board has given its permission, Pakistan will receive the next installment of $700 million once the economic review has been satisfactorily completed.
Additionally, it has been claimed that a strategy for cutting costs, which includes freezing allowances and pensions and pausing officer recruiting, has been drafted. Discussions will be held on this proposal.
Pakistan, which was on the verge of default, had long sought the IMF’s staff-level agreement with the government regarding a $3 billion stand-by arrangement.
The accord was reached just hours before its current term with the IMF, June 30, came to an end. Although it was effectively a bridging loan, it provided Pakistan, which was struggling with a severe balance of payments crisis and declining foreign exchange reserves, with a great deal of relief.
