Ninth review meetings in Dubai from Oct 26th to Nov 4

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are to hold the ninth mandatory review meetings under Extended Fund Facility (EFF) arrangement from October 26, 2015 to November 4, 2015 in Dubai, well-informed sources told Business Recorder.

Ministry of Finance which has the leading role in negotiations with the IMF is preparing a summary for Prime Minister Nawaz Sharif for his approval for the 9th review. The sources said, at the initial stage technical level talks will be held between the IMF staff and Finance Ministry-led officials and later Finance Minister Ishaq Dar and Governor State Bank of Pakistan will join the meetings.

On September 28, 2015 the Executive Board of the IMF completed the eighth review of Pakistan’s economic performance under a 36-month programme supported by an Extended Fund Facility (EFF) arrangement. After the Board meeting, the IMF released the tranche of about $504.8 million - bringing total disbursements to about $4.54 billion. On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of SDR 4.393 billion (about U$S6.64 billion at the time of approval of the arrangement, or 425 percent of Pakistan’s quota at the IMF).

The sources said the Finance Ministry has directed all the concerned ministries to expedite implementation on the agreed commitments aimed at achieving the targeted deadlines.—MUSHTAQ GHUMMAN