IMF reaches staff-level agreement with Pakistan on second review

The International Monetary Fund (IMF) and Pakistan reached a staff-level agreement "on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF," read a statement from Ernesto Ramirez Rigo, the IMF's Mission Chief for Pakistan.

A statement from Ernesto Ramirez Rigo, Mission Chief for Pakistan, on Thursday stated that the organisation had arrived at a staff-level agreement with Pakistan on the policies and reforms needed to complete the second review of the authorities reform program supported under the EFF.

The policies and reforms will be subject tao approval by the IMF management and Executive Board which is expected in early April. "Completion of the review will enable disbursement of SDR 328 million (around US$450 million)," read the statement from Rigo.

A couple of weeks ago, the IMF said in an end-of-mission press release pertaining to its 10-day talks with the government that Pakistan had made "considerable progress" via sound economic policies over the past few months.

"Considerable progress has been made in the last few months in advancing reforms and continuing with sound economic policies," the global financial body had said.

The IMF had further noted in its statement that "all end-December performance criteria were met and structural benchmarks have been completed" and in terms of performance, Pakistan had achieved all economic targets.

"Steadfast progress on program implementation will pave the way for the IMF Executive Board’s consideration of the review," it had said, adding that "development and social spending have been accelerated" through programme implementation.