Important progress being made in talks with Pakistan for extended fund facility, IMF informed
IMF: An IMF team led by Nathan Porter, IMF Mission Chief to Pakistan, traveled to Islamabad between May 13 and May 23 to discuss the country's plans for a domestic economic program.
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The IMF said "significant progress" has been made in talks with cash-strapped Pakistani authorities to reach a staff-level agreement on an extended funding facility for the country.
Pakistan has formally requested an additional package under the Extended Fund Facility (EFF) worth US$6–8 billion. If authorised, this will be the International Monetary Fund's (IMF) 24th aid programme to the nation.
Between May 13 and May 23, an IMF team headed by Nathan Porter, IMF Mission Chief to Pakistan, visited Islamabad to talk about the nation's plans for a domestic economic program. This is eligible for support under the IMF's Extended Fund Facility.
The visit was undertaken by IMF officials at the request of Pakistan. The global lender stressed that prioritizing reforms to revive the Pakistani economy is more important than the size of the new loan package under negotiation.
“The mission and officials will continue online policy discussions in the coming days, with the aim of finalizing the discussions,” Porter said in a statement. “This also includes necessary financial assistance from the IMF and Pakistan’s bilateral and multilateral partners to support the authorities’ reform efforts.”
