ISLAMABAD : June 27,2023: The International Monetary Fund (IMF) mission chief for Pakistan, Nathan Porter , has said the Fund is actively engaged in reaching an agreement with Pakistan over stalled Extended Fund Facility (EFF).
In a statement, IMF mission chief on Tuesday said the authorities in Pakistan have made a number of decisions in recent days which are in line with the policy of the Fund. Nathan Porter maintained that the authorities have enhanced allocation for next fiscal year for social development which adheres to the fund’s guidelines.
Nathan Porter said the authorities have introduced a policy of open market mechanism for exchange rate which will set a side pressure on Pakistan’s economy. He also maintained that the authorities increased the interest rate to 22 % to address the issue of rising inflation.
Meanwhile , the Fund ‘s website carries a short, but encouraging statement . The statement said discussions between the IMF staff and the authorities on policies to strengthen macroeconomic stability in the coming year continue, and important progress has been made over the FY23 budget.
IMF’s high level encouraging statement hinting at early agreement with Islamabad for restoration of Extended Fund Facility (EFF) has come in a follow up of telephonic conversation between prime minister , Shahbaz Sharif and IMF managing director.
Prime minister , Shahbaz Sharif , had also held a meeting with IMF managing director in Paris last week during his visit to that country and informed her about various measures made a part of the next fiscal year budget to stimulate Pakistan’s economy
