IMF Board to meet on January 28 for Pakistan’s sixth review

KARACHI: The Executive Board of the International Monetary Fund (IMF) has scheduled a meeting on January 28 for Pakistan’s sixth review under the Extended Fund Facility (EFF).

The discussion, ‘2021 Article IV Consultation, Sixth Review under the Extended Arrangement under the Extended Fund Facility, and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Access’, comes after Pakistan requested the IMF to move the meeting to the end of January.

Earlier, the finance ministry of Pakistan had announced that the sixth review of the $6-billion EFF would be held on January 12.

Pakistan’s National Assembly on Thursday last week, passed the Finance (Supplementary) Bill and the State Bank of Pakistan (SBP) Amendment Bill, 2021.

The country will receive around $1 billion after the completion of the review, bringing the total disbursements under the EFF to around $3 billion.

Pakistan and the IMF reached a staff-level agreement in November last year, on policies and reforms needed to complete the sixth review under the $6 billion EFF.

The news of the executive board meeting comes as the country looks to issue US dollar-denominated Sukuk bonds and the successful completion of the review will make it easier for other international lenders to give funds to Pakistan.