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IMF-Govt continue remote discussion on loan and reforms programme: Ruiz

ISLAMABAD: As part of the 9th review under the EFF, remote discussions continue between IMF staff and the Pakistani authorities over policies to reprioritize and better target support toward humanitarian and rehabilitation needs.

The bilateral discussion also focuses on accelerating reform efforts to preserve macroeconomic and fiscal sustainability, including with continuing financial support from multilateral and bilateral partners.

IMF Resident Representative in Islamabad Esther Perez Ruiz stated this in a message she sent to a TTI staff member on Tuesday.

Meanwhile, on August 29, 2022, the Executive Board of the International Monetary Fund (IMF) completed the combined seventh and eighth reviews of the Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan. The Board’s decision allows for an immediate disbursement of SDR 894 million (about US$1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion.

The Executive Board approved the EFF on July 3, 2019 for SDR 4,268 million (about US$6 billion at the time of approval, or 210 percent of quota).

According to IMF, Pakistan is at a challenging economic juncture. A difficult external environment combined with procyclical domestic policies fueled domestic demand to unsustainable levels.

The resultant economic overheating led to large fiscal and external deficits in FY22, contributed to rising inflation, and eroded reserve buffers.

The programme seeks to address domestic and external imbalances, and ensure fiscal discipline and debt sustainability while protecting social spending, safeguarding monetary and financial stability.

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