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IMF Chief’s Intervention to Soften Conditions on $6 Billion Deal

The government of Pakistan intends to contact the managing director of the International Monetary Fund (IMF) in order to solicit the official’s assistance in removing obstacles to the reinstatement of the $6 billion contract.

According to reports, the suggestion arose as a result of the government’s decision to make significant modifications to the authorized draft of the State Bank of Pakistan (SBP) Amendment Bill 2021.

According to sources, the Pakistani government has asked the IMF for permission to reintroduce additional changes to the law, such as maintaining the option of borrowing from the SBP open and retaining the finance secretary on the SBP board.

Under the IMF program, the federal government has not borrowed any funds from the SBP. However, it is hesitant to provide legal protection for this interim prohibition, which has been in effect since July 2019. According to reports, IMF Mission Chief Ernest Rigo rejected this proposal last week.

Read: Contribution of the Construction Sector to Pakistan’s Economy

The federal cabinet-approved articles that try to grant unlimited autonomy without accountability are unlawful, the law minister told the IMF last week.

These clauses pertain to a procedure for removing the SBP governor, allowing him to appear before parliament without going through the Finance Division, granting the governor and others absolute immunity from any type of investigation, and limiting parliament’s ability to amend the SBP law in the future.

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