To meet the program’s objectives, Pakistan has asked the International Monetary Fund (IMF) to extend the Extended Fund Facility (EFF) arrangement until June 2023. In May, the IMF plans to dispatch a mission to Pakistan to resume policy discussions in preparation for the completion of the 7th EFF review.
The following is a statement from Nathan Porter, the International Monetary Fund’s (IMF) Mission Chief for Pakistan:
“Under the Extended Fund Facility (EFF) initiative, we held very productive talks with Pakistan’s Finance Minister, Miftah Ismail, to discuss Pakistan’s economic trends and policies. We agreed that immediate action is required to rectify the unfunded subsidies that have hindered the 7th review process. Based on productive discussions with Washington officials, the IMF plans to dispatch a mission to Pakistan in May to resume policy discussions in preparation for the completion of the 7th EFF review. As an indication of their willingness to overcome current issues and meet program objectives, the authorities have asked the IMF to prolong the EFF arrangement until June 2023.”
The finance division further said that” The Pakistan group met with IMF officials including Deputy Managing Director Antoinette Sayeh, Director MCD Jihad Azour, and Mission Chief Nathan Porter. The delegation talked about how to finish the seventh review. Miftah Ismail, the Finance Minister, outlined his government’s aims and measures to restore budgetary discipline while protecting the weak from global oil price volatility.”
The International Monetary Fund (IMF) offered its support for the Pakistani delegation. According to the statement, an IMF delegation led by Mission Chief Nathan Porter would visit Pakistan in May to explore the concerns surrounding the outgoing government’s announcement of fuel and energy subsidies.
The group also met with Axel von Trotsenburg, Managing Director, Hartwig Schafer, Vice President, and other World Bank officials, according to the release. The status of ongoing programme loans and projects, as well as potential sources of additional funding, were discussed.
The Finance Minister thanked the Bank authorities for their financial and technical assistance throughout the process. MD Operations also promised Pakistan complete support.