The International Monetary Fund (IMF) reiterated that it is working with Pakistani authorities to conclude the pending ninth review “once the necessary financing is in place and the agreement is finalised”.
“In addition, the IMF supports the authorities in the implementation of policies in the period ahead, including in the technical work to prepare the FY24 budget, which is to be passed by the National Assembly before end-June,” Nathan Porter, the IMF Mission Chief for Pakistan, was quoted as saying in a statement to Republic policy on Friday.
The statement comes as Pakistan remains engaged with the Washington-based lender to resume its bailout programme, which has stalled at the ninth review since November last year.
As part of prior conditions to resume funding, Pakistan was required to undertake a series of steps, including new taxation measures, a free-floating exchange rate, and a hike in energy tariffs.
It was also required to ensure that its balance of payments gap was fully financed for the remainder of the IMF programme that ends in June. While Pakistan managed to secure $3 billion in additional funding – including $2 billion from Saudi Arabia and another $1 billion from the UAE – the IMF said after the commitments back then that it was looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th Extended Fund Facility (EFF) review.
