IMF’s May meetings: Pakistan not on agenda as bailout remains stalled

The International Monetary Fund (IMF) Executive Board has planned sessions through May 17, but Pakistan is not on the agenda because the ninth review under the Extended Fund Facility (EFF) programme is still ongoing.

According to the IMF Executive Board calendar, the next sessions are slated for May 11, 15, and 17, 2023; however, Pakistan is not on the agenda, though it could be added if the ninth review is considered a success.

IMF to wrap up bailout review once financing in place

According to the IMF Staff report “Pakistan: Seventh and Eighth Reviews of the Extended Arrangement,” the proposed schedule for the ninth review was November 3, 2022, but was delayed due to the government’s failure to implement agreed time-bound conditions and structural benchmarks, as well as a violation of the spirit of the agreed seventh/eighth review, particularly with respect to artificially controlling the rupee rate without the necessary reserves to intervene in the market.

The tenth review’s schedule as per the seventh/ eighth review documents was February 3, 2023, but the ninth review is yet to be completed.

The IMF, last week, stated that the Fund continues to work with the Pakistani authorities to bring the ninth review to a conclusion once the necessary financing is in place and the agreement is finalized.

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