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IMF says will work with new govt

"There is no truth to speculation about suspension of program. IMF has confirmed the same and also clarified that it remains committed to Pakistan’s macroeconomic stability”, finance ministry said.

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The International Monetary Fund (IMF) Monday assured Pakistan that it would continue its support “once the new government is formed.”

“There is no concept of suspension within the IMF programme,” the Fund said in a brief statement issued in this regard.

In a tweet, the Finance Ministry said that Finance Division and IMF remained engaged in data sharing and reform discussions as part of EFF.

“There is no truth to speculation about suspension of program. IMF has confirmed the same and also clarified that it remains committed to Pakistan’s macroeconomic stability”, it added.

Former spokesperson to the former finance minister Muzammil Aslam said that the news item related to IMF program was conjectural.

Meanwhile speaking to a news channel, Pakistan-Kuwait Investment Company’s Head of Research Samiullah Tariq said: “I think as the country is in a [political] transition, they need authorities for commitment regarding policies.”

Read more: Another achievement by PTI: Last condition of IMF fulfilled

The statement from the IMF also indicates that the seventh review has ended and the three-year Extended Fund Facility (EFF) has been put on hold for the third time since it began in May 2019.

In May 2019, Pakistan and the IMF reached a staff-level agreement on economic policies for a three-year Extended Fund Facility (EFF).

Read more: You’re not a slave, don’t follow IMF, WB: US economist to Pakistan

Under the agreement, Pakistan was to receive about $6 billion for a period of 39 months, and so far it has received almost half of it.

Courtesy: APP