In a move to ensure progress on the $3 billion Stand-by Arrangement (SBA) with Pakistan, the International Monetary Fund (IMF) is dispatching its mission to the country following the formation of a new cabinet. Julie Kozack, the Director of the IMF’s Communications Department, made the announcement during a press briefing in Washington, DC.
Kozack revealed that the IMF Executive Board had approved the first review of the SBA, resulting in about $1.9 million in total disbursements. The SBA is aimed at stabilizing Pakistan’s economy, with a focus on protecting vulnerable populations. She commended the Pakistani authorities for maintaining economic stability during the caretaker government’s period, emphasizing their adherence to fiscal targets and efforts to protect the social safety net.
Regarding the IMF mission’s visit to Pakistan, Kozack stated, “The IMF stands ready to hold a mission for the second review of the Stand-by shortly after a new cabinet is formed.” The current SBA program is set to end in April 2024, and the Fund is focused on its completion.
When asked about the IMF’s views on political stability in Pakistan, Kozack declined to comment but expressed the Fund’s readiness to work with the government to ensure macroeconomic stability for the benefit of the people of Pakistan.
Leave a Reply