IMF Approved New Loan Program After ‘Written Support’ from PTI
Pakistan Tehreek-e-Insaf (PTI), in addition to the two ruling parties, the Pakistan Peoples Party (PPP) and Pakistan Muslim League-Nawaz (PML-N), provided the International Monetary Fund (IMF) with their “written support” for the new $3 billion Standby Arrangement (SBA) programme.
The IMF’s “Country Report, Request for a Stand-By Arrangement,” which was published on Tuesday, claimed that “in recent days, IMF staff have met with representatives of Pakistan’s major political parties and explained the objectives and key policies of the proposed SBA.”
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In advance of the next national elections, the PTI, PPP, and PML-N all stated their formal support for the SBA’s main goals and programmes. Additionally, they acknowledged the part the SBA will play in sustaining macroeconomic stability in the upcoming months by supporting external funding and anchoring measures.
The lender added that due to the prolonged crisis, the terrible floods of 2022, the significantly tightened external financing conditions, and the unfavourable effects of domestic policies, economic activity in Pakistan has significantly decreased.
Read More: IMF Urges Pakistan to Continue Monetary Policy Tightening Cycle
The lender noted that the current economic and financial crisis in Pakistan is the most difficult era in its history due to the confluence of severe exogenous shocks and domestic political concerns.
“International reserves have significantly decreased and are currently at about 34 month’s worth of imports (US$4.2 billion), inflation is at a record high (38 percent in May 2023), and fiscal pressures resulting from the floods and policy slippages have increased, further endangering the sustainability of the debt,” it stated.
Social unrest has increased as a result of the declining living standards and economic conditions, and political tensions considerably increased in May as institutional and political cracks emerged.
Authorities now think the new programme can be extremely important in establishing policies before the next national elections in the fall and up until a new government is elected. By supporting the necessary adjustment, boosting confidence, and igniting multilateral and bilateral finance, the new programme will build on Pakistan’s most recent EFF-supported programme and aid in addressing its balance of payment concerns.
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