ISLAMABAD: International Monetary Fund (IMF) has not given Pakistan government green signal as to when money lender will be making staff-level agreement with Islamabad. Sources said that despite Pakistan’s best efforts, no major progress had been made on staff-level agreement between Pakistan and IMF. They added that IMF was still awaiting confirmation of external financing.

Sources said IMF had received confirmation of Saudi Arabia and UAE but now it was waiting for confirmation of more external financing, including the provision of $ 2 billion from World Bank and $ 900 million from Asian Infrastructure Investment Bank. On other hand, Pakistani authorities said despite implementation of all previous measures, delay in staff-level agreement was beyond comprehension.

It should be noted that due to delay in agreement, Pakistan is facing an economic crisis, while State Bank foreign exchange reserves are still at low level of $ 4.4 billion.

Published in The Daily National Courier, May, 03 2023

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