WASHINGTON: The International Monetary Fund (IMF) has confirmed that it is engaged virtually with authorities in Pakistan to finalize a staff-level agreement (SLA) on a new programme.
Julie Kozack, Director of the Communications Department at IMF, while addressing a press briefing in Washington said that an IMF staff mission visited Pakistan from May 13 through May 23.
“We made significant progress toward reaching a staff-level agreement on a homegrown programme that can be supported under a new Extended Fund Facility (EFF) with the Fund,” she said.
The IMF official said those discussions are continuing virtually.
Kozack, however, did not provide any details of the talks. “I do not have anything at that level of detail,” she said.
IMF Mission Chief to Pakistan Nathan Porter was quoted as saying in a statement that economic stabilisation achieved through the successful completion of the 2023 Stand-by Arrangement (SBA) with Pakistan.
According to the statement the IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on a comprehensive economic policy that can be supported under an Extended Fund Facility (EFF).
It added the programme aims to move Pakistan from economic stabilisation to strong, resilient and inclusive growth.
Pakistan’s $3-billion SBA ended in April, but authorities in Islamabad have been keen to pursue a 24th bailout with the IMF, hoping that a larger and longer EFF will put Pakistan on the path of economic stability and reform.
Many experts say that the IMF and Pakistan will conclude a staff-level agreement once the government presents the budget.
According to local media reports on Friday the government is set to present the budget on June 12.
