IMF postpones 6th review of loan plan on Pakistan request

ISLAMABAD: The International Monetary Fund (IMF) has postponed a board meeting meant to consider the country’s sixth review of the $6 billion Extended Fund Facility (EFF) until the end of January on a request from Pakistani authorities.

Muzzammil Aslam, a spokesperson for the Ministry of Finance, tweeted that the Finance Division officially requested the IMF to reschedule the meeting of its board of directors for approval of the sixth review till the end of January.

The meeting was slated for Jan 12 to consider the sixth review to release $1 billion tranche under the three-year $6 billion loan programme.

Also Read: ‘Pakistan, IMF reach agreement over release of nearly US$1 bn’

In another tweet hours later, the spokesperson confirmed that, “IMF has agreed to reschedule the Finance Division request.”

The government sought postponement of the sixth review to the pass recommended fiscal tightening measures, including the controversial Finance (Supplementary) Bill, 2021, popularly known as mini budget, and State Bank of Pakistan Amendment Bill 2021.

Also Read: NA session summoned on Jan 10 to give nod to mini-budget

The National Assembly session will begin today to take up the bills. On December 30, 2021, Finance Minister Shaukat Tarin introduced the bills in the National Assembly amid fierce resistance from opposition lawmakers.