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IMF Teams Arrived in Islamabad Ahead of Crucial Talks

ISLAMABAD, January 31, 2023- The International Monetary Fund (IMF) team has reached Islamabad for completing the ninth review of the Extended Fund Facility (EFF) program.

The IMF team, under the supervision of the Mission Chief to Pakistan Nathan Porter, has reached Islamabad. Both sides will officially start negotiations to complete the ninth review of the EFF program.

Sources added that there will be technical negotiations from Tuesday to Friday as both sides will share information with each other.

There will be policy-level negotiations from next Monday in which the Finance Minister, Secretary of Finance, FBR Chairman, and State Bank of Pakistan Governor will participate.

Read More: Government to Borrow Rs 103.8 Billion From Banks

Last week, IMF Resident Representative in Pakistan Esther Pérez Ruiz said that at the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad from January 31st – February 9th to continue the discussions under the ninth EFF review.

As of January 20, the foreign currency reserves held by the State Bank of Pakistan were recorded at $3.678 billion, which are likely even lower now. Pakistan has also failed to secure financing from friendly countries without IMF being on board. The revival of the loan program is critical for Pakistan as the country has almost run out of forex reserves with no other source of financing.

Read More: Retailers to Provide Buyer’s Information to FBR on Bills Exceeding RS. 100,000

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