ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are going to start a week long talks on 10th review of extended funds facility (EFF) from today (Tuesday) in Dubai.
On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of $4.393 billion (about $6.64 billion at the time of approval of the arrangement, or 425 percent of Pakistan’’s quota at the IMF).
Under EFF, IMF provides comprehensive support programs that include policies of the scope and character required to correct structural imbalances over an extended period.
Moreover, Established in 1945, the IMF is governed by and accountable to the 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Prior to tenth review, Pakistan had completed nine reviews of the 36-month $6.64 billion extended fund facility (EFF) programme approved by the IMF in September 2013 with total disbursements of about $4.54 billion.
In November last year, Pakistan and IMR successfully concluded the talks on ninth review of Extended Fund Facility (EFF) paving the way for release of 505 million dollar tranche to Pakistan in the IMF Board meeting next month.
“A two-member delegation of the Federal Board of Revenue (FBR) led by Member Strategic Planning, Reforms and Statistics Dr. Muhammad Iqbal will take part in initial level talks while Chairman FBR Nisar Muhammad Khan will join the discussions later” a well-placed official source at FBR told Customs Today.
Moreover, Secretary Finance Dr Waqar Masood, Governor State Bank of Pakistan (SBP) Ashraf Mahmood Wathra and representatives from other ministries and divisions will also be part of Pakistani delegation.
In the beginning of current month, the source referred to a meeting of higher officials of Finance Ministry regarding reviewing the preparations for the 10th EFF review with IMF. Then Finance Minister expressed satisfaction with the second quarter results as well as the overall progress made since the 9th Review and directed that the positive momentum should be maintained for the remainder of the fiscal year.
Although, Dr. Muhammad Iqbal told Customs Today that he was participating EFF talks with IMF for the first time therefore, he was not very much alive to the procedures and mode of talks, yet another reliable source said that almost for first three days both IMF and Pakistani delegations would hold policy level talks and then move to the final stages of talks in which decisions would be made.
