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IMF defers review of tranche for Pakistan

ISLAMABAD: On the request of Pakistan, the International Monetary Fund (IMF) has postponed considering 6th review under the Extended Fund Facility (EFF) for Pakistan during its executive board meeting scheduled for January 12 as Islamabad is yet to complete all prior actions.

The Fund is now expected to review the same on January 28 or 31.

“Yes, the IMF will not take up Pakistan’s case on January 12 as it gives time for completing prior actions,” said Muzzammil Aslam, spokesperson to Federal Minister for Finance and Revenue.

He further said that the IMF executive board is available for four days in a week so it can take up Pakistan’s case anytime.

Finance Minister Shaukat Tarin on December 30 had introduced the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (Amendment) Bill 2021 in the National Assembly to complete the prior actions of the IMF. Later, the government last week had also presented the Finance (Supplementary) Bill 2021 in Senate.

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The Senate Standing Committee on Finance and Revenue would finalize the recommendations of the Senators on the mini budget on coming Monday or Tuesday. Later, on the next or same day, Senate would send its recommendations to the National Assembly. The Constitution doesn’t bind National Assembly to accept these recommendations.

Officials informed that the National Assembly is all set to approve the Finance (Supplementary) Bill 2021 in the next week. However, the approval of State Bank of Pakistan (Amendment) Bill 2021 might take some time due to the lengthy process.

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