End of IMF financing program? Nathan Porter warns about economic downturn

International Financial Institution Pakistan Mission Head said efforts are being made to ensure Pakistan remains a part of loan program, otherwise Pakistan's economic problems will continue to increase, Ishaq Dar said financial institution will provide budget details

International Monetary Fund (IMF) Pakistan Mission Head Nathan Porter has said that negotiations with Pakistan are continuing as deadline for financing program is coming to an end.

International Monetary Fund (IMF) is in touch with Pakistani officials to pave way for a board meeting before financing program expires at end of June.

Head of IMF mission to Pakistan said that engagement will focus on foreign exchange recovery, approval of the FY24 budget in line with program targets.

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He said that usually a staff level agreement is required for board meeting to review program. It is hoped that installment of one tenth of one billion dollars will be released.

Head Nathan Porter said that in Pakistan’s case, IMF will unlock $1.1 billion in financing for financially distressed country as part of a $6.5 billion package.

Note that staff-level agreement has been delayed since November, with more than 100 days for last staff-level mission to Pakistan, longest delay since at least 2008.

Earlier on sidelines of Islamic Conference, Finance Minister Ishaq Dar got angry when asked by journalists whether not having an agreement (Staff Level Agreement) with IMF was his failure.

On Sunday, Federal Finance Minister Ishaq Dar said that Pakistan will share details of its upcoming budget with International Monetary Fund (IMF) to unlock frozen funds.

In an interview to private TV Geo TV, Dar said, “They have asked for some other things again, we are ready to give them, they say give us budget details, we will give them.”

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