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The International Monetary Fund (IMF) Thursday said that its mission will visit Islamabad at the end of this month to continue discussions under the ninth Extended Fund Facility (EFF) review.
“At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31–February 9,” IMF Resident Representative in Pakistan Esther Pérez Ruiz was quoted as saying in Business Recorder.
“The mission will focus on policies to restore domestic and external sustainability, including strengthening the fiscal position with long-lasting and high-quality measures while supporting the vulnerable and those affected by the floods; restoring the viability of the power sector and reversing the continued accumulation of circular debt; and re-establishing the proper functioning of the FX market, allowing the exchange rate to resolve the FX shortage.” The IMF official further added.
Also read: SBP’s forex reserves hit eight-year low, now stand at just $3.7 billion
Stronger policy initiatives and reforms, according to the IMF, are essential to lowering the current high level of uncertainty that affects Pakistan’s economic outlook, boosting the country’s resilience, and securing the financing support from official allies and the markets that is necessary for Pakistan’s sustainable development.
The revelation comes as Pakistan is frantically trying to revive the bailout program at a time when its foreign exchange reserves have been reduced to just one month’s worth of import coverage.
Earlier this week, Prime Minister Shehbaz Sharif reinforced the government’s wish to complete the IMF program.
