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The IMF team is expected to complete the 9th evaluation by the end of the month. ISLAMABAD: An International Monetary Fund (IMF) mission will visit Pakistan shortly to discuss the status of the 9th Extended Fund Facility review, an official informed Thursday.
Islamabad is facing a serious economic crisis, with foreign exchange reserves at their lowest levels in more than eight years and the Pakistani rupee at historic lows, with the government now looking to restart the rescue programme as it approaches default.
"An in-person Fund delegation is slated to visit Islamabad January 31-February 9 to continue negotiations under the ninth EFF review," IMF Resident Representative in Pakistan Esther Pérez Ruiz told Geo.tv.
During their talks with Pakistani authorities, the group will focus on many policy areas, according to the representative, who is already taking efforts to satisfy the Fund's conditions for the program's reactivation.
"The mission will focus on policies to restore domestic and external sustainability, including strengthening the fiscal position with long-term and high-quality measures while assisting the vulnerable and flood victims; restoring the viability of the power sector and reversing the continued accumulation of circular debt; and restoring the proper functioning of the FX market, allowing the exchange rate to clear the FX shortage."
She stated that stronger policy measures and reforms are crucial to reducing the present increased uncertainty that weighs on the outlook, increasing Pakistan's resilience, and getting finance support from official partners and markets, which are critical for Pakistan's long-term growth.
The news comes only one day after Prime Minister Shehbaz Sharif stated that the government had notified the IMF that it was eager to conclude the ninth review.
"We want to finalise the arrangements via discussions as soon as possible so that Pakistan may go forward," the prime minister said at an event in Islamabad.
The prime minister, who took office in April after overthrowing Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan, expressed confidence that the country's other international and bilateral programmes will move forward as well.
The government had previously been unwilling to meet the Fund's terms and had also urged the money lender to ease the conditions after catastrophic floods ravaged the country, causing damages totaling more than $30 billion.
In today's intraday trade, the rupee fell 9.61%, or Rs24.5, to a historic low of 255.43 versus the US dollar due to a delay in the program's resurrection.
Furthermore, as lenders await the IMF's approval, inflows have almost ceased despite guarantees from friendly nations, leaving the State Bank of Pakistan's foreign exchange reserves at a historic low of $3.7 billion - hardly enough for a month's import payments.
