Starting a series of significant dialogues, Pakistan has embarked on vital negotiations with the International Monetary Fund (IMF) to unlock the next $1 billion installment of the expansive $7 billion loan program.
The IMF’s review mission convened with Finance Minister Muhammad Aurangzeb and his economic advisory team at the Ministry of Finance for an exhaustive exploration of the second economic review tied to the loan disbursement.
Participating in the gathering were Finance Secretary Imdadullah Bosal, State Bank Governor Jameel Ahmed, and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, along with other prominent officials.
Insiders noted a lively debate between the parties on IMF conditions, Pakistan’s recent economic achievements, revenue acquisition, spending management, and current reform pursuits.
The IMF also inquired about updates on anti-money laundering procedures and emphasized the importance of the Governance and Corruption Risk Assessment Report.
Pakistani authorities plan to brief the IMF team on anti-corruption efforts, including the introduction of provincial anti-money laundering enforcement units.
The discussions are set to cover new legislation mandating asset declarations from Grade 17–22 officers, as well as the accessibility of provincial leaders’ asset records.
Sources indicate that the IMF team will also be briefed on the progress regarding the National Fiscal Pact, the clarity in developmental initiatives, and enhancements in the development and prospects of capital markets.
The Finance Ministry has admitted that there has been some delay in finalizing the Governance and Corruption Risk Assessment Report but insisted that Pakistan has already met most of the IMF’s targets.
Technical talks will be followed by policy-level discussions, with Pakistan’s first-quarter fiscal performance of the current financial year also on the table.
If the negotiations hit the right note, Pakistan is expected to secure IMF Board approval and unlock the much-needed $1 billion tranche.