Islamabad: A Finance Ministry official told Newsman on Wednesday that Nathan Porter, the chief of the International Monetary Fund’s (IMF) Pakistan Mission, will visit the South Asian Country from November 11 to 15 to discuss Islamabad’s performance on the $7 billion rescue plan that was authorized in September.
The regular mission for review will come by the early month of the first quarter of 2025.
In July, the IMF and Pakistan reached an agreement at the staff level over economic strategies for a roughly $7 billion, 37-month Extended Fund Facility (EFF).
The Fund’s executive board authorized the 25th loan program for Pakistan since 1958 in September.
After enacting reforms to increase the country’s tax base and privatize state-owned enterprises, as well as harsh measures like raising the price of food and fuel, Islamabad was able to obtain the loan, which was essential to maintaining the stability of its weak $350 billion economy.
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The official of the ministry said, “IMF staff, led by Mr. Nathan Porter, will travel to Pakistan between November 11-15 for a staff visit to discuss recent developments and program performance to date. This mission is not part of the first review under the EFF, which will be no earlier than the first quarter of 2025.”
Pakistan’s government claims that since obtaining the bailout package, it has been able to advance toward economic stability and boost its foreign exchange reserves.
The government and economists have credited Pakistan’s improving macroeconomic fundamentals, among other things, for the recent bullish trend in the nation’s stock market.
Also read: IMF Projects Pakistan GDP Growth at 3.2% for 2025
The government claims that its vigilant fiscal policies are why the South Asian country’s inflation rate decreased from a record 38% in May 2023 to 7.2% in October 2024.
