The International Monitory Fund (IMF) representative in Pakistan Esther Perez said that strong and reliable financing is needed to fill gap of $6 billion before the board review for the Ninth Review of Staff Level Agreement (SLA).
The presentative stressed Pakistani economic policy makers to frame pro-IMF budget fulfilling all the demands of the international lender for the crucial billion dollar loan for the dollar-starved economy of country.
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Esther Perez said Pakistan has been facing final IMF board review before passing the budget 2023-24. “This is the most important budget for Pakistan in the current situation,” said IMF representative.
Esther said that the budget is expected to be in line with the goals of the IMF program and emphasizes the need for the exchange rate market to function independently.
It is pertinent to note that Pakistan has already end the cap on dollar exchange rate but despite the measures, the gap is widening between the rates of the interbank and open market US Dollar vs Pakistani Rupee rates as local unit devaluation continued amid the IMF agreement uncertainty and political unrest.
It is pertinent to note that Minister of State for Finance Aisha Ghaus Pasha termed IMF mission chief Nathan Porter’s statement as interference in Pakistan’s internal affairs. She said that the IMF mission chief’s statement is unusual.
Earlier, the International Monetary Fund (IMF) has emphasised the need for Pakistan to address the prevailing political instability in the country in accordance with the constitution prior to the reinstatement of the staff-level agreement between Pakistan and the IMF.
With only 10 days remaining until the presentation of the new financial year’s budget, the staff-level agreement between Pakistan and the IMF has yet to be reached, despite extensive communication efforts.
