Important development reported on Pakistan IMF bailout package
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IMF delegation is scheduled to arrive in Islamabad during the last week of October to conduct aq economic evaluation of the standby arrangement agreement. Several government bodies, including the Federal Board of Revenue (FBR),
Ministry of Energy, State Bank of Pakistan, National Electric Power Regulatory Authority (NEPRA), and Oil and Gas Regulatory Authority (OGRA), have been directed to prepare reports outlining their progress in meeting the IMF's stipulated conditions.
During their stay, the IMF mission will engage in discussions with economic officials for a period of over one week, with a focus on addressing issues such as the circular debt in the energy sector, revenue generation by the FBR, and the market-based currency exchange rate, all of which will be central topics in the economic assessment.
Additionally, the visiting IMF representatives will assess matters related to external financing, the circular debt management plan, and the issuance of bonds. They will also scrutinize the adjustments and recalibrations of electricity and gas prices in accordance with the terms of the standby agreement.
The Ministry of Finance has committed to reducing the circular debt in the power sector by 180 billion rupees by June 2024, as per its assurance to the IMF.
