ISLAMABAD: The International Monetary Fund (IMF) has confirmed that it is engaging with major political parties in Pakistan, including the opposition Pakistan Tehreek-e-Insaf (PTI), to seek their assurances of support for key objectives and policies under the new $3 billion Standby Agreement, Esther Perez Ruiz, the IMF’s resident representative for Pakistan, said this on Friday.
Perez Ruiz stated, “IMF staff are in the process of meeting with representatives of the major political parties in Pakistan, including PML-N, PPP, and PTI, to seek assurances of their support for the key objectives and policies under a new IMF-supported program ahead of the approaching national elections.”
The new agreement, which has already been finalized at the staff level, is expected to be considered by the IMF Executive Board in the coming days. The executive board is scheduled to meet on July 12 to review the $3 billion Standby Arrangement (SBA) for Pakistan.
Pakistan-IMF Deal
Earlier concerns arose when Pakistan was absent from the initial schedule released in June, raising speculations about the release of funds from the previous program that expired on June 30. However, on June 29, Pakistan and the IMF reached a stand-by arrangement (SBA) to provide relief for the country’s financial crisis. If approved by the IMF board, the nine-month SBA will provide $3 billion, equivalent to 111 percent of Pakistan’s IMF quota, offering much-needed support to alleviate the severe balance of payments crisis and declining foreign exchange reserves.
PTI Chairman Imran Khan has also confirmed that he will be meeting with the IMF delegation during a court hearing in Lahore, regarding the May 9 riots. The former prime minister cited his unavailability to join a probe in the case at 4 pm, as he had a scheduled meeting with the IMF delegation.
PTI's economic team has been approached by the IMF to solicit the party's support for the USD 3 BN Stand-By Agreement and its broad objectives.
An IMF team will call on Party Chairman Imran Khan at Zaman Park this afternoon. Both PTI's economic team and the IMF team will join, in…— Hammad Azhar (@Hammad_Azhar) July 7, 2023
Additionally, PTI leader and former federal minister Hammad Azhar disclosed that the IMF has approached the PTI’s economic team to seek the party’s support for the $3 billion Stand-By Agreement and its broad objectives. Azhar further stated that an IMF team would be visiting Party Chairman Imran Khan at Zaman Park, where both teams would participate in discussions, both in-person and virtually.
