A delegation from the International Monetary Fund is scheduled to visit Pakistan this month to discuss a new program, the merchant announced on May 5th, just before Islamabad’s yearly budget-making process kicks off.
Pakistan completed a short-term US$ 3 billion program last month that helped stop republic definition, but Shehbaz Sharif’s government has called for a new, longer-term program.
” A vision is expected to visit Pakistan in May to explain the FY25 resources, plans, and changes under a possible new program for the welfare of all Pakistanis”, the IMF said in an emailed response to Reuters.
Pakistan’s fiscal year runs from July to June and its resources for governmental year 2025, the first by Sharif’s innovative state, has to be presented before Jun 30.
The IMF did not specify the visit’s times or the program’s length or period.
The IMF affirmation stated that “accelerating reforms is now is, more important than the size of the system, which will be influenced by the bundle of transformation and balance of payments requirements.”
Pakistan’s US$ 350 billion economy stabilized following the completion of the previous IMF program, with inflation falling from a record high of 38 % in May to a historic low of 17 % in April.
While it has managed its external accounts deficit through trade control measures, stagnant growth, which is expected to be around 2 % this month, compared to bad progress last season, is still a problem.
Finance Minister Muhammad Aurangzeb previously stated in an interview with Reuters that the nation was hoping to come to an agreement on the terms of a new IMF product in May.
Pakistan is anticipated to obtain funding from the Tenacity and Sustainability Trust in addition to at least US$ 6 billion.