Islamabad (TDI): Finance Minister Muhammad Aurangzeb has said that talks between Pakistan and the International Monetary Fund (IMF) for over $1 billion tranche proved successful.
He made the statement during a meeting at the Prime Minister’s House, which PM Shehbaz Sharif chaired to hear out the business community’s grievances, The Express Tribune reported.
The PM inquired from Aurangzeb whether the IMF handed over the Memorandum for Economic and Financial Policies (the set of policy documents that define the conditions for the loan tranche) to Pakistan.
The Finance Minister replied that everything is in order and the IMF would release the statement about it.
Read More: $7 Billion IMF Package to Ensure Economic Stability: Aurangzeb
Pakistan and the IMF negotiations were held from March 3 to 14 for the first review of the Extended Fund Facility for the July-December period of the current financial year.
Before the EFF Mission, the Fund also held meetings for the Climate Resilience Facility.
It is anticipated that the IMF board would consider Islamabad’s request for the completion of the first review worth over $1 billion in May.
The EFF tranche will be released in May after the approval from board but the disbursements under the estimated $1 billion climate facility will be linked with the actual spending on the climate related measures.
Read More: No Mini-Budget as IMF Satisfied with Pakistan’s Economic Measures
Before the departure of the IMF, a broad deal on the MEFP had been reached and the final version will be ready within one month.
After that the case will be circulated for the approval of the board, which is likely to consider in early May.
