‘Pakistan Agrees To IMF Conditions, Staff-Level Accord Pending’
Pakistan has received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) related to the completion of the ninth review of a $7 billion loan programme, Finance Minister Ishaq Dar has said. The minister made these remarks after an IMF delegation that left Pakistan after holding talks with the government for 10 days issued a statement that virtual talks would continue, reports Dawn. “We will completely go through the (MEFP) over the weekend and will hold a virtual meeting with (Fund officials).” The finance minister acknowledged that reforms in certain sectors required by the IMF were in Pakistan’s interest. “These reforms are painful but necessary.” He vowed to keep making efforts to ensure Pakistan completed the IMF programme. “Once the MEFP has been finalised, they (IMF) have their own internal process and then a Board meeting is held. And then finally, when approval is given, the [tranche] is disbursed. “It is a standard process which can neither be shortened, and hopefully they won’t extend it unnecessarily,” Dar added.