The forthcoming Pakistan budget FY 2023-24 is scheduled for June 9; Prime Minister Shehbaz Sharif has instructed the Ministry of Finance to ensure full compliance with the International Monetary Fund’s (IMF) established parameters.
Geo News senior Journalist Ansar Abbasi reported that it was expressed about reaching an agreement with the IMF during a meeting between the Prime Minister and Finance Minister Ishaq Dar on Tuesday.
The news defies media speculations about a populist budget typical of election years. The source stated unequivocally, “Pakistan can’t afford any budget that contravenes the IMF’s fundamental guidelines.”
Following a lengthy phone conversation with the IMF’s managing director a week ago, the Prime Minister expressed hopeful sentiments about resuming the IMF program. Shehbaz had contacted IMF Managing Director Kristalina Georgieva to reinitiate the stalled $6.5 billion bailout package.
This interaction came after four months of unsuccessful attempts by the finance ministry to negotiate terms on the loan. According to the same source, the Prime Minister felt reassured after his dialogue with the IMF director. It was agreed during this meeting that Pakistan would share budget details with the IMF.
The source also disclosed that Georgieva hinted at a potential reinstatement of the program. Aligning with this, Shehbaz shared with Turkish media on Monday that Pakistan is highly optimistic about finalizing a deal with the IMF within this month.
He conveyed his optimism to Anadolu in Ankara, stating, “We are still very hopeful that the IMF program will materialize. Our ninth review by the IMF will comply with all terms and conditions, and hopefully, we’ll have some good news this month.”
While attending President Recep Tayyip Erdogan’s inauguration in Ankara, PM, Shehbaz affirmed Pakistan’s fulfillment of all conditions. He pointed out that while some actions are typically implemented post-board approval, the IMF required these to be met in advance this time, which Pakistan has done.