An International Monetary Fund (IMF) mission reached Pakistan on Wednesday to begin discussions with authorities on an economic review under the country’s ongoing $7 billion IMF program, according to Ministry of Finance sources.
The mission will begin talks with officials of the State Bank of Pakistan (SBP) in Karachi, with the first phase focused on technical discussions, the sources said. The technical discussions are expected to cover Pakistan’s current account position, the central bank’s policy rate and the exchange rate, the sources added.
SBP officials will brief the IMF delegation on the country’s recent economic performance and progress toward meeting targets under the IMF program. Pakistan has also met the target of maintaining foreign exchange reserves above $17 billion, according to the Ministry of Finance sources.
The IMF delegation would also receive a briefing on an increase in foreign direct investment into Pakistan, as well as the country’s successful issuance of a Eurobond, the sources said. Officials would provide details of funds raised from external sources and their contribution to Pakistan’s foreign exchange position, they said.
The mission is scheduled to travel to Islamabad on Sept. 25, where it will hold further meetings with officials from the Ministry of Finance, Ministry of Privatization, Ministry of Energy and Federal Board of Revenue, according to the sources.
The discussions form part of the IMF’s broader assessment of Pakistan’s economic performance and progress on commitments under its ongoing program.