ISLAMABAD: The International Monetary Fund (IMF) has accepted Pakistan’s request to delay its board meeting scheduled for January 12 to evaluate the country’s 6th review of $6 billion Extended Loan Facility until the end of the current month. Spokesperson to the Finance Minister, Muzzammil Aslam wrote on Monday in his tweet: “International Monetary Fund has agreed to reschedule a meeting of its board of directors on Pakistan’s request for approval of 6th review of the Extended Fund Facility.” It is reported that the review is now expected to take place either on Jan 28 or 31. TLTP
It said the IMF board will consider the approval of the next tranche of loan to Pakistan as soon as legislative procedures are completed. The Finance Ministry formally sent a request to the IMF urging it to delay its executive board meeting slated to be held on Jan 12.
The spokesperson said that the Supplementary Finance Bill, 2021 and State Bank of Pakistan Autonomy Bill have been presented in the National Assembly and after the passage of the bills, the IMF executive board would mull releasing the next tranche to Pakistan.
The government has convened the National Assembly session on Monday to get the Supplementary Finance and SBP Autonomy bills passed by the lower house. The opposition is hell bent to stop their passage, saying the bills would unleash a storm of inflation in the country and make the SBP a pawn in the hands of the IMF.
The IMF Executive Board calendar was updated last week on its website, showing that its meeting has been scheduled for January 12, 2022 and the agenda includes Pakistan – 2021 Article IV Consultation, Sixth Review under the Extended Arrangement, under the Extended Fund Facility, and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Access. However, later Pakistan’s agenda was removed.
