ISLAMABAD: Pakistan “expressed its intention” for a new loan from the International Monetary Fund (IMF) on Thursday, as the two sides began the final review meeting on the $3 billion stand-by agreement (SBA), Geo News said, citing sources.
The four-day review began today and, if successful, will release a last tranche of approximately $1.1 billion secured by Islamabad under a last-ditch rescue deal last summer, preventing a sovereign debt default.
According to sources, the IMF review mission, led by Nathan Porter, will undertake additional discussions with Pakistani authorities about the new loan plan.
During the meeting, the Fund delegation congratulated Muhammad Aurangzeb on becoming finance minister.
Meanwhile, Aurangzeb underlined his determination to making significant progress with the lender, according to sources.
According to sources, the finance minister has agreed to continue with the economic reforms.
“Pakistan assured the IMF mission of implementing all priority points,” the sources stated.
The administration also presented the delegation with a strategy to improve Federal Board of Revenue (FBR) revenues and reduce circular debt.
Previously, the finance ministry stated that Pakistan has met all structural benchmarks, qualitative performance criteria, and indicative targets for the effective completion of the IMF evaluation.
The ministry hoped that the appraisal would result in a successful IMF staff level agreement.
