On Wednesday, IMF announced a staff-level agreement with Pakistan on the completion of the first review of the $3 billion bailout package after Islamabad assured it of refraining from intervening in the currency market and continuing on the path of fiscal consolidation.
In a statement issued after the end of the IMF visit to Pakistan, the global lender also sought greater transparency in managing the assets under the Sovereign Wealth Fund and in the operations of the Special Investment Facilitation Council (SIFC).
Pakistan would also be required to make the asset declarations of the cabinet members public, and a task force would conduct a comprehensive review of the country’s anti-corruption framework.
“The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the IMF’s $3 billion,” stated Nathan Porter, the IMF’s Mission Chief to Pakistan, after the talks.
The agreement is subject to approval of the IMF’s Executive Board. He added that around $700 million or SDR 528 million will become available upon approval, bringing total disbursements under the programme to almost $1.9 billion.
