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Govt vows to follow the terms of IMF programme

In a chat with the managing director of the lender yesterday, Prime Minister Shehbaz Sharif said he had emphasized his government’s determination to fulfil the requirements of the International Monetary Fund’s (IMF) plan.

The phone call occurs at a time when Pakistan’s economy is becoming more agitated and its foreign exchange reserves only cover less than three weeks’ worth of imports.

PM Shehbaz said on Twitter, “In a phone discussion with Managing Director [Kristalina Georgieva] of the IMF yesterday, I told her about the government’s determination to fulfil the requirements of IMF‘s programme.”

“I also discussed Pakistan’s economic challenges, particularly in light of the divesting floods. A mission from the IMF will shortly visit Pakistan.
Following his announcement that an IMF mission will visit Pakistan in “two to three days” to complete the ninth review of Pakistan’s $7 billion Extended Fund Facility, the premier made the following remark (EFF).

In 2019, Pakistan signed up for a $7 billion IMF programme, which was later increased to $6 billion. The ninth evaluation of the programme, which would release $1.18 billion, is still waiting. It was previously delayed for two months because the PML-N-led government refused to agree to several requirements put forth by the Fund, and the issues still haven’t been resolved.

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