The International Monetary Fund (IMF) is set to review Pakistan’s $3 billion Stand-By Arrangement (SBA) on April 29, despite recent speculation about its absence from the IMF’s public calendar. A diplomatic source confirmed the schedule, contrasting with earlier announcements listing other countries for review.
Previously, IMF and Pakistani officials anticipated a meeting and the approval of a crucial $1.1 billion disbursement under the SBA established in June 2023. However, doubts arose due to the apparent omission of Pakistan’s review from the IMF’s posted schedule.
A former World Bank official dismissed the speculation about the omission, clarifying that the IMF conducts its operations transparently. He mentioned that while scheduling delays can occur, they do not typically affect the progression of agreements such as the Staff-Level Agreement (SLA) reached with Pakistan in March.
Upon approval by the IMF’s Executive Board, Pakistan will gain access to approximately $1.1 billion. Concurrently, Finance Minister Muhammad Aurangzeb indicated in an interview with The National that Pakistan is negotiating for a new, more substantial IMF loan, possibly up to $6 billion. However, he described this figure as preliminary.
Aurangzeb also remarked on Pakistan’s economic conditions, noting improvements in macroeconomic indicators and expressing optimism about the stabilization of Pakistan’s currency and the potential reduction of inflation to single digits by next year’s end.
Additionally, he addressed delays in the China-Pakistan Economic Corridor (CPEC), emphasizing efforts to advance to the revenue-generating phase. He highlighted the increasing importance of remittances, projected to reach about $29 billion this fiscal year.
In Dubai, Aurangzeb met with key UAE investors to discuss enhancing investment ties, focusing on IT, renewable energy, and infrastructure sectors. He outlined the supportive role of Pakistan’s Special Investment Facilitation Council in assisting investors throughout their investment journey.
