ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have agreed to begin talks from Nov 2 for the release of the $710 million second loan tranche.
Sources privy to the development told that the first review talks will be held for the second loan tranche of $710 million and a staff-level agreement would pave the way for its approval by the IMF board in December.
An International Monetary Fund mission will visit Pakistan on Nov 2 to discuss the first review of the current three billion dollars Standby Arrangement (SBA), the lender’s resident representative said.
The Standby Arrangement was approved in July and Pakistan received one point two billion dollars as the first tranche that potentially saved the country from the default. IMF had released the first tranche of $1.2 billion in July this year.
The meeting will discuss reforms in power sector, circular debt reduction plan, gas prices and tax reforms, sources say.
The federal government and the State Bank of Pakistan remain hopeful that they will comfortably complete the review on back of meeting the conditions agreed with the IMF in July.
It is pertinent to mention here that the Economic Coordination Committee (ECC) of the Cabinet this Monday approved various summaries including revision of natural gas pricing, immediate import of 200,000 MT of urea fertilizer and 1.00MMT of milling wheat for fiscal year 2023-24.
The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over the meeting, according to press statement issued by the finance ministry. –Agencies
