IMF mission likely to arrive in Pakistan today for economic review talks

The International Monetary Fund (IMF) mission is expected to arrive in Pakistan today (Wednesday) for the economic review of USD 3 billion Stand-By Arrangement (SBA), reported ARY News, citing sources.

The International Monetary Fund (IMF) mission is expected to arrive in Pakistan on Wednesday for the economic review of USD 3 billion Stand-By Arrangement (SBA), reported ARY News, citing sources. According to the sources, the talks will be held from March 14 to 18.

The newly-elected Finance Minister, Muhammad Aurangzeb, has agreed to the talks with the IMF for the agreement and a new loan programme. Islamabad will hold talks with the international lender about the last tranche of USD 1.1 billion under the SBA programme, according to ARY News.

Moreover, Pakistan has already achieved the targets set by the IMF for the second review, the sources revealed. During the negotiations, Pakistan would also simultaneously request a fresh deal under the 36-month Extended Fund Facility (EFF).

The sources further said that Pakistan is likely to request the IMF for a USD 6-8 billion fresh loan programme. The sources in the Finance Ministry said that Islamabad will engage with the IMF on the economic targets for the fresh loan programme.

Earlier on March 8, the Washington-based lender said that it is ready to send a mission to Islamabad for the second economic review after the formation of Prime Minister Shehbaz Sharif's cabinet. The IMF Director of Communications said that the focus currently is on completing the ongoing Stand-By Program, which is ending in April 2024. ARY News reported.

Furthermore, a mission for the second review of the Stand-By Program would be dispatched immediately after the formation of the new cabinet in Pakistan. However, earlier this week, Pakistan PM Shehbaz Sharif vowed to get his country out of foreign debt, declaring that the country would get rid of the International Monetary Fund (IMF), Geo News reported.

"We will get rid of IMF, InshaAllah," the premier said while addressing the maiden meeting of the newly formed 16-member federal cabinet on Monday. PM Shehbaz acknowledged that rising inflation is one of the major problems confronting the masses. "Bringing down inflation will be our first test," he said adding that his government would make all-out efforts to provide relief to the people. (ANI)

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