Finance minister briefs IMF team on economic headway

The International Monetary Fund (IMF) delegation Tuesday visited Pakistan's Ministry of Finance in Islamabad and received a briefing on the country's economic performance during the first quarter of the current fiscal year.

According to the 24NewsHD TV channel, Finance Minister and Revenue Senator Muhammad Aurangzeb warmly welcomed the IMF delegation led by Mission Chief Nathan Porter upon their arrival at the ministry. 

During the meeting, Minister of State for Finance Ali Pervaiz Malik, the Governor of the State Bank, the Chairman of the Federal Board of Revenue (FBR), and other senior finance ministry officials were also in attendance.

The Finance Minister briefed the IMF delegation on Pakistan’s current economic situation and highlighted key developments from the first fiscal quarter.

The IMF delegation led by Mission Chief Nathan Porter reached Islamabad yesterday to hold five-day loan assessment talks with Pakistani authorities. The talks are set to continue until November 15 (Friday).

During the talks, Pakistan’s first-quarter economic performance will be presented, and tax collections and external financing will be discussed.

Representatives from Pakistan’s Ministry of Finance, Federal Board of Revenue (FBR), and State Bank of Pakistan (SBP) will participate in the negotiations, which are set to continue until November 15.

Two months ago, the IMF Board approved a 37-month, $7 billion Extended Fund Facility, with Pakistan receiving an initial Special Drawing Rights (SDRs) allocation of 760 million.

IMF Mission Chief Nathan Porter noted that the IMF Executive Board approved the $7 billion loan package for Pakistan, with a focus on stabilising the macroeconomy through sound policies and structural reforms.

Pakistan’s State Bank (SBP) confirmed receipt of a $1 billion tranche from the IMF on September 27 this year as part of a new financial programme.

Reporter: Waqas Azeem