Still too early to talk about new loan: IMF

WASHINGTON: The International Monetary Fund (IMF) has said that it’s still too early to determine whether ongoing discussions with Pakistan will result in a new loan package.

During a news briefing in Washington on Thurs­day, the Fund’s Director of Communications Julie Kozack confirmed that an IMF delegation was currently in Islamabad, engaging in talks with Pakistani authorities.

She was asked if the talks could lead to a staff-level agreement on a new loan or if it was just a preliminary visit. The journalists also speculated if it was still too early to have a staff-level agreement.

“On Pakistan, given that there is a mission on the ground, we will wait for them to complete their work and we will communicate the findings of the mission in due course, including, I think, some answers to your questions.”

Ms Kozack provided an update on the Islamabad talks, noting that on April 29, the IMF Executive Board completed the second review of the Stand-by Arrangement for Pakis­tan, which enabled a disbursement of about $1.1 billion.

“The completion by our Board of the second and final review of the Stand-by Arrangement reflected the authorities’ strong policy efforts during the time of the standby, which did help stabilise the economy,” she said.

Published in Dawn, May 18th, 2024