Gov’t expresses resolve to successfully complete IMF programme in September

ISLAMABAD: The government on Thursday expressed its resolve to successfully complete the International Monetary Fund (IMF) in September saying that the ongoing 7th review with the IMF team was going on as per schedule.

Clarifying some news items speculating recently about the on-going 7th review under IMF’s Extended Fund Facility (EFF), the ministry of finance in a statement said that negotiations under the 7th review were continuing as planned and the two sides remained engaged on a regular basis at a technical level through virtual meetings and data sharing.

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The focus of negotiations under the 7th review has been on the agreed targets between the two sides, as well as the recently announced relief and industrial promotion packages.

“There is a consensus that all the end-December agreed targets have been achieved, while progress on other actions mentioned in the Memorandum on Economic and Financial Policies (MEFP) for the 6th review has also been found to be satisfactory,” the statement added.

On the relief package, complete details, including financing options, have been shared with the IMF and a general understanding has been developed.

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The IMF has, however, indicated the need for some further discussions on the industrial promotion package over the next few days. An understanding is expected to be developed on the said package subsequent to those discussions.

Upon completion of the technical talks, the text of Memorandum on Economic and Financial Policies (MEFP) for the 7th review will come under discussion.

“The Government is confident that the finalization of the MEFP would lead to IMF Board meeting towards the end of April. The Government remains committed to completing the IMF program successfully in September”, the statement added.

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