On Thursday, Ernesto Ramirez Rigo, the head of the IMF mission for Pakistan, announced that IMF staff and Pakistani authorities had reached agreement on the strategies and reforms needed to carry out the second revision as part of the IMF`s extended facility. “The Pakistani authorities and the IMF team have reached an agreement on economic policy at the personnel level, which could be supported by a 39-month agreement on an extension fund (EFF) of about $6 billion. This agreement is subject to imf management`s agreement and board approval, subject to timely implementation of previous measures and confirmation of the financial commitments of international partners. The programme aims to support the authorities` strategy for stronger and more balanced growth by reducing national and external imbalances, improving the business environment, strengthening institutions, enhancing transparency and protecting social spending. WASHINGTON: Pakistani authorities and International Monetary Fund (IMF) staff have reached an agreement that could pave the way for a $450 million in IMF funds if approved by the Imf Executive Board, the IMF said on Thursday. Earlier, on 14 February, the IMF said that Pakistan had made considerable progress in its programme, but that it had not been possible to reach a staff-level agreement because of discussions on the second revision of the current facility. It was not known what stumbling blocks remained in the discussions. However, it was speculated that the discussions had not been successful because of the government`s refusal to provide mini-budgets and increase energy prices. “IMF staff and the Pakistani authorities have reached a staff-level agreement on the policies and reforms needed to carry out the second review of the authorities` reform programme, which is supported as part of the Enhanced Fund Facility (EFF),” said the head of the IMF`s mission in Pakistan, Ernesto Ramirez Rigo, in a statement from Washington. Following discussions between IMF staff and the Pakistani authorities in Islamabad from 3 to 13 February (see press release 20/51) which have continued in recent days from IMF headquarters, IMF staff and the Pakistani authorities have reached a staff-level agreement on the measures and reforms needed to complete the second revision of the EFF-supported reform programme. The agreement is subject to IMF management approval and board review, which is expected in early April. The closing of the review will provide SDR 328 million (approximately $450 million). End-of-mission press releases include statements from IMF teams that, after a visit to a country, provide preliminary results. The views expressed in this statement are those of IMF staff and do not necessarily reflect the views of the IMF Executive Board.
Based on the preliminary results of this mission, staff will draw up a report that, subject to management approval, will be submitted to the IMF Board of Directors for discussion and decision. ISLAMABAD – Pakistan and the International Monetary Fund (IMF) have reached a human resources agreement on the policies and reforms needed to carry out the second revision of the country`s reform programme, supported by the Extended Monetary Fund Facility (EFF).