Pakistan, IMF extend talks to conclude SBA review

With an apparent understanding reached during the final review of the $3 billion Standby Arrange­ment, the visiting staff mission of the Interna­tional Monetary Fund (IMF) and Pakistani authorities agreed on Monday to extend talks overnight to conclude the Memorandum of Economic and Financial Policies (MEFP). The fina­nce ministry had earlier annou­nced the schedule of rev­iew talks ending on March 18. However, inf­ormed sources said that the two sides had hectic sector-wise meetings, which were imp­acted by red­uced working hours due to Ramazan, thus spi­lling a couple of agenda items over to Tuesday (today). The final wrap-up meeting, customarily represented by the finance minister, will now take place on Tuesday and the letter of intent (LoI) and MEFP on behalf of the minister and the governor of central bank will be finalised the same day. “Most of the work on the documentation is already complete,” an informed source said.