IMF programme not being re-negotiated
A certain news item published on 6th September 2019 has reported that the IMF is sending an SOS mission to Pakistan owing to the fiscal outcomes of FY 2018-19. The news item has also claimed that programme may be renegotiated.
It is clarified that both these assertions are completely incorrect are not based on actual ground realities.
The upcoming IMF Mission is a staff level visit and coincides with the visit of the Director of the Middle East and Central Asia Department of the International Monetary Fund. The Director’s visit to Pakistan had been planned for September soon after the finalisation of the programme. As such, it is absolutely erroneous to construe that the IMF staff level mission is anykind of SOS mission as it had already been planned much earlier.
The claim that the IMF programme is being renegotiated is equally misconceived. The Government of Pakistan remains firmly committed to implement the policies and reforms spelled out in the IMF-supported program. As indicated in the program documents, the IMF-supported program will be monitored and reviewed according to a calendar of quarterly reviews. The first one is scheduled to take place at some point in December. Our understanding is that as part of our technical work program, an IMF team will come on a routine Staff Visit in mid September 16-20.
It must also be emphasised that after the initial adjustments, the economy is rapidly stabilising, in particular the external sector, and that the current fiscal year will yield some very positive economic outcomes.
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