An official of the International Monetary Fund (IMF) has expressed confidence that the Staff-Level Agreement (SLA) will be signed soon after the approval of the IMF Board, according to Pakistan’s Finance Division on Wednesday.
In a statement issued after Finance Minister Ishaq Dar participated in the IMF-World Bank spring meetings via Zoom from Islamabad, the Finance Division said Jihad Azur, Director of the Middle East and Central Asia Department at the IMF, also expressed hope that Pakistan will continue its progress. Improvement in various areas.
The resumption of the IMF program is crucial for the South Asian economy, which is grappling with high inflation and low foreign exchange reserves. The program has been stalled in the ninth review since November last year.
On Wednesday, Minister of State for Finance and Revenue Dr. Ayesha Ghaus Pasha, SAPM on Finance Tariq Bajwa, and SAPM on Revenue Tariq Mehmood Pasha along with Finance Minister Dar attended the meeting virtually from Islamabad. Pakistan’s Ambassador to the United States Masood Ahmad Khan, Governor State Bank of Pakistan Jameel Ahmad, Finance Secretary and Secretary EAD attended the meetings in person.
“Jihad Azur expressed its confidence that the SLA would be signed soon after the approval of the IMF Board,” read a statement by the Finance Division. He hoped that Pakistan would continue its progress on reforms in various sectors and timely completion of the IMF program and that the IMF would play its positive role in bringing economic stability in Pakistan.
The statement said Dar thanked Ajour and his IMF team for the support extended in the ninth review.
“Both sides discussed the progress made with the ongoing IMF programme, in particular the interactions with the IMF Mission during his visit to Pakistan and the implementation of earlier actions.”
Dar mentioned that due to important local commitments, Prime Minister Shehbaz Sharif asked him to stay in Pakistan, due to which he had to cancel his scheduled visit to Washington DC and hence, he was speaking to the IMF/World Bank via Zoom from Pakistan. Attending the Spring Meetings.
He apprised the IMF team about the economic challenges being faced by the country. He further shared the vision of the GoP to bring about macroeconomic stability in the country.
He also informed that all preparatory actions for the ninth review under the Extended Fund Facility have already been completed and the Government of Pakistan is fully committed to meeting its obligations agreed with the IMF.
business recorder Reuters contacted the IMF, but it did not immediately respond to a request for comment.