Pakistan’s Finance Minister Ishaq Dar all set to visit Washington in order to attend the upcoming annual spring meetings of the International Monetary Fund (IMF) and the World Bank.
According to details, The meetings are scheduled to be held between 10th to 16th April. The minister of Finance and Economic Affairs Division secretaries, and the State Bank of Pakistan (SBP) governor will also visit along with the Finance Minister.
“The delegation will be attending the upcoming Annual Spring Meeting of the Breton Wood Institutions (BWIs), known as the International Monetary Fund (IMF) and World Bank, from April 10 to 16,” the report added.
Finance Minister Ishaq Dar will inform the international lending institutions about reforms introduced by the government.
Some sources inside finance ministry have revealed that FM Ishaq Dar will discuss the remaining 10th and 11th reviews of the $6.5 billion Extended Fund Facility (EFF) program in the event that the pending 9th review is completed.
Also reported that the IMF program, signed in 2019, is set to expire on June 30, 2023. This deadline cannot be extended beyond the set guidelines.
Remember that IMF programme, signed in by Pakistan Government 2019, is going to expire on June 30, 2023, and under the set guidelines, the programme cannot be extended beyond the deadline.
The pending 9th review was scheduled to be completed in December 2022 and the 10th review should have been kick-started from February 2023. The 11th review was scheduled to commence on May 3.
Pakistan and the IMF have been negotiating the resumption of an installed $7 billion IMF programme for months but have yet to reach an agreement.
Pakistan is facing the worst economic crisis due to the lack of Dollars in the country’s state bank which is not enough for international trade and payments.The current political situation in Pakistan has become a factor in delaying a much-needed deal with the IMF.