IMF mission to meet Pakistani authorities next week to discuss ‘next phase of engagement’: official

An International Monetary Fund (IMF) mission will meet Pakistani authorities next week to discuss the “next phase of engagement”, an official from the international money lender said on Sunday. Speaking to Dawn.com, Esther Perez Ruiz, the Fund’s resident representative for Pakistan, said: “A mission team led by Nathan Porter, IMF’s mission chief to Pakistan, will meet with authorities next week to discuss the next phase of engagement. “The aim is to lay the foundation for better governance and stronger, more inclusive, and resilient economic growth that will benefit all Pakistanis,” she added. Pakistan last month completed a short-term $3 billion programme, which helped stave off sovereign default, but the government has stressed the need for a fresh, longer-term programme. Last week, the Fund said that a mission was expected to visit Pakistan this month to “discuss the FY25 budget, policies, and reforms under a potential new programme for the welfare of all Pakistanis”. Pakistan narrowly averted default last summer, and the $350bn economy has stabilised after the completion of the last IMF programme, with inflation coming down to around 17 per cent in April from a record high 38pc last May. The country is still dealing with a high fiscal shortfall and while the external account deficit has been controlled through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2pc this year compared to negative growth last year.