An IMF team, led by Nathan Porter, visited Islamabad from November 2-15, 2023, to engage in discussions on the first review of Pakistan’s economic program supported by the SBA.
“The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilization program supported by the IMF’s US$3 billion (SDR2,250 million) SBA (Press Release No. 23/261),” it added.
Islamabad, Pakistan, and the International Monetary Fund (IMF) have achieved a staff-level agreement on the initial review under the South Asian country’s Stand-By Arrangement (SBA), as stated by the international lender on Wednesday.
“The prime minister reaffirmed the Government’s enduring commitment to the reform efforts agreed with the IMF as these are aimed at stabilizing Pakistan’s economy in the long run.”
Today, IMF Mission Chief Nathan Porter and IMF Resident Representative for Pakistan Esther Perez met with Caretaker Prime Minister Anwaar-ul-Haq Kakar.
Anchored by the stabilization policies under the SBA, a nascent recovery is underway, buoyed by international partners’ support and signs of improved confidence. The steadfast execution of the FY24 budget, continued adjustment of energy prices, and renewed flows into the foreign exchange (FX) market have lessened fiscal and external pressures,” the IMF stated.
The agreement is contingent upon the approval of the IMF’s Executive Board. Upon approval, approximately US$700 million (SDR 528 million) will be accessible, bringing the total disbursements under the program to almost US$1.9 billion.
