The IMF delegation has arrived in Pakistan for talks.
According to sources in the Ministry of Finance, the economic team submitted a report on economic targets in the introductory session with the IMF mission.
Negotiations with the IMF have begun. A briefing was given on the economic situation in the introductory session.
According to sources in the Ministry of Finance, the Minister of State for Finance briefed the delegation on the economic situation in the introductory session.
Officials from the Ministry of Finance, FBR, and State Bank participated in the introductory session. The delegation was briefed on economic targets during the first quarter of the current fiscal year.
Sources in the Ministry of Finance say that the delegation was informed about the FBR’s revenue targets from July to September. The IMF delegation will review the report and hold talks with the relevant ministries.
It is important to mention here that the government of Pakistan sought an additional $2 billion from IMF to address the impacts of climate change.
This development came after Pakistan’s initial request for climate financing was not immediately approved by the IMF, sources said.
Sources revealed that Pakistan took steps to address fiscal sustainability and mobilize revenue, including passing the FY24 budget, which advances a primary surplus of around 0.4 percent of GDP. The government has also committed to ensuring a market-determined exchange rate and reducing inflation.
On September 27, Pakistan requested an additional $1.5 billion loan from IMF to combat the impacts of climate change in the country.
The loan will support Pakistan’s Climate Resilience and Sustainability Facility, which aims to promote economic stability and sustainable development in the country.
It is important to note here that the International Monetary Fund (IMF) Executive Board on September 25 approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of about US$7 billion.
