Despite successful negotiations with Pakistani authorities in November, theInternational Monetary Fund (IMF) Executive Board meetings until December14, 2023, do not include Pakistan on the agenda. The review under the $3billion stand-by arrangement (SBA) program, following the lender’s visit tothe country, is still pending.
The current $3 billion IMF program is set to conclude in early April 2024,with approximately $1.8 billion remaining undisbursed. The lender releasedthe first tranche of $1.2 billion in July, and the disbursement of theremaining amount is uncertain. Speculation suggests that the IMF may bewaiting until after the General Elections in February 2024 before releasingfunds, despite the caretaker government’s efforts.
Economic analyst A H H Soomro noted, “Disbursement would happen wheneverthe board is convened. The country can tide the wave for a month if evendelayed.”
The IMF Executive Board calendar, available on its website, shows meetingsscheduled for December 4, 6, 7, 11, 12, 13, and December 14, 2023. Pakistanis not initially on the agenda, but there is a possibility of being addedif authorities successfully convince the lender.
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During the IMF team’s visit, extensive discussions took place withofficials from the Ministry of Finance and the Ministry of Commerce.Finance Ministry sources revealed that the IMF had previously proposedconditions for a loan program with Pakistan in a policy paper crafted in2019.