Pakistan and the IMF Sign a USD 3 billion Stand-by Arrangement
The International Monetary Fund (IMF) and Pakistan have reportedly struck a staff-level agreement (SLA) about a USD 3 billion Stand-By Arrangement (SBA), according to press sources from June 30.
The International Monetary Fund’s agreement with Pakistan aims to create a framework for funding from multilateral and bilateral partners, stabilize Pakistan’s economy in the face of recent external disruptions, and assist efforts to achieve sustainable economic growth. The IMF agreement with Pakistan will also provide space for social and development spending through enhanced domestic income mobilization and careful spending execution in response to the needs of the Pakistani people. The SLA is subject to the IMF Executive Board’s approval; it is anticipated that they will consider the request by mid-July.
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The IMF team, under the direction of Nathan Porter, IMF Mission Chief to Pakistan, met with Pakistani officials in person and virtually to discuss the conditions of the new funding engagement under the IMF Stand-By Arrangement. The deal between Pakistan and the International Monetary Fund (IMF) expands on the actions taken previously by the government as part of Pakistan’s 2019 Extended Fund Facility (EFF)-supported programme, which ended in
June. Current economic difficulties have led to stalled economic development, excessive inflation, and dwindling reserves. These difficulties include the effects of severe floods in 2022, an increase in global commodity prices as a result of Russia’s conflict in Ukraine, and policy blunders.
IMF asks Pakistan to tax and subsidies top earners while subsidizing low earners.
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Shahbaz Sharif, the premier of Pakistan, praised the IMF agreement with his country and expressed optimism that it will lead to economic stability and sustainable development. The IMF emphasized the importance of persistent policy implementation, including fiscal restraint, a market-determined currency rate, energy sector reforms, climate resilience, and an improved business climate, in order to overcome the current problems.
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