Skip to content

All the news that matters, in plain English.

Latest
  1. Hurricane Polo re-strengthens to Category 5, forecast to make landfall in Baja California Sur on Monday
  2. India delivers right of reply to Shehbaz Sharif's UNGA speech — warns "terrorism by Pakistan will have consequences"
  3. Liverpool reappoint Julian Ward as sporting director after Hughes exits for Al-Hilal
  4. Magnitude 6.6 earthquake strikes Loyalty Islands, New Caledonia; no tsunami threat
  5. NYPD arrests two men seen emerging from New York City manhole near Upper East Side hotel
  6. Pro-Palestine Action group plans mass vigil at Labour conference in Liverpool
  7. Pentagon HR breach exposed unencrypted personal data of up to 4 million US military personnel
  8. SpaceX lines up Crew-13 and Falcon Heavy NROL-97 on a same-day Oct 1 doubleheader

World

IMF mission opens Islamabad phase of Pakistan review talks, with $1.2bn on the line

Formal negotiations for the fourth review of Pakistan's $7bn IMF programme and the third climate resilience review begin in Islamabad today; a successful review could unlock about $1.2bn.

By Sarah Whitfield · · 1 min read

ISLAMABAD: Formal negotiations between Pakistan and a visiting International Monetary Fund staff mission are expected to begin in Islamabad on Monday, as the lender opens the fourth review of the country’s $7 billion Extended Fund Facility and the third review of its climate Resilience and Sustainability Facility — reviews that could unlock roughly $1.2 billion in financing, Dawn reported.

The mission, led by Iva Petrova, is expected to stay for almost two weeks, until the first week of October, to conduct the reviews, according to the report.

The mission opened the technical phase of its visit in Karachi last week; the Islamabad leg will cover the macroeconomic and fiscal framework at a time of pressure on the government to cut the petroleum levy, alongside the impact of the Gulf war on fuel costs and inflation, The News and Express Tribune reported.

A successful review could make about $1 billion available under the 37-month Extended Fund Facility and some $200 million under the climate resilience facility, though any disbursement would require a staff-level agreement followed by approval from the IMF’s Executive Board, Arab News reported.

The lender is simultaneously conducting its Article IV consultation — its regular health check of Pakistan’s economy — alongside the two reviews.

Pakistan has already received about $4.8 billion under the two arrangements, according to Business Recorder.

Sources

More on this topic: all World stories

Get Flip News by email

This opens your email app — we add you manually. No account, no spam, no third parties.