IMF Reaches Staff-Level Agreement on the Second Review of Pakistan’s Economic Program

[Shahzaz ud din]

IMF Reaches Staff-Level Agreement on the Second Review of Pakistan’s Economic Program under the Extended Fund Facility
February 27, 2020

Statement by Ernesto Ramirez Rigo, Mission Chief for Pakistan, on the second review of the Extended Fund Facility (EFF):



"Following discussions between International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13 (see Press Release No 20/51), which continued from the IMF headquarters in recent days, IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF. The agreement is subject to approval by the IMF management and consideration by the Executive Board, which is expected in early April. Completion of the review will enable disbursement of SDR 328 million (around US$450 million)."


IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: OLGA STANKOVA

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

@IMFSpokesperson

 

[El Sidd]

The ruling party came to power chanting slogans death before IMF.

Since because Pakistan is a 3rd world democracy, it is bullied by IMF to keep tyranny, oppression and exploitation of the masses at a level which can only be compared to playing stressball with its jugular vein.

Government will claim a huge victory that it is worth giving a loan to and media enterprises will help deflect the issue.

 

[CrazyZ]

We cant blame the IMF for our own mistakes. Denial and complaining get us no where. We have not followed good economic policies since the times of Ayub Khan. We must understand our mistakes and focus on strengthening our economy. Energy independence, moving away from the Petro dollar, agricultural independence, and weaponary independence is the path to follow.

 

[StormBreaker]

The ruling party came to power chanting slogans death before IMF.

Since because Pakistan is a 3rd world democracy, it is bullied by IMF to keep tyranny, oppression and exploitation of the masses at a level which can only be compared to playing stressball with its jugular vein.

Government will claim a huge victory that it is worth giving a loan to and media enterprises will help deflect the issue.

Does this mean a heavy punch on current bureaucratic system ?

 

[El Sidd]

Does this mean a heavy punch on current bureaucratic system ?

nah they just playing for time. i have seen Pakistanis negotiate for years with no intention of ever considering the venture. awein baniye shauq hain hamare

you made a thread today about 2 million PKR cars being launched in the country. Do you really think Pakistan needs IMF and that too just 400mil dollars?

 

[FuturePAF]

We cant blame the IMF for our own mistakes. Denial and complaining get us no where. We have not followed good economic policies since the times of Ayub Khan. We must understand our mistakes and focus on strengthening our economy. Energy independence, moving away from the Petro dollar, agricultural independence, and weaponary independence is the path to follow.

I agree with all except the last line. We don't need to be totally energy independent, but need to have pipelines from other countries coming to our country, so that we can have the cheapest oil and gas, and can build our industries on that supply.

Agriculturally we should be modern and not independent. we do need to catch up, but should be open to investors with new technology. hopefully our own agricultural universities should be given the funds to test out modern equipment and recommend our farmers use them.

Same with weaponry, we need to be independent in key tech as much as possible, but with our economy needing investment now; while the economy grows, we should invest in projects similar to how Turkey has done it, and over the next 20-30 years should be able to meet most of our needs at home. we should do joint ventures where possible to absorb the latest technology, and not focus on defense independence as much. This is what has limited India's defense programs from advancing.

The JF-17 should be our model for defense programs.

 

[ziaulislam]

We cant blame the IMF for our own mistakes. Denial and complaining get us no where. We have not followed good economic policies since the times of Ayub Khan. We must understand our mistakes and focus on strengthening our economy. Energy independence, moving away from the Petro dollar, agricultural independence, and weaponary independence is the path to follow.

it's always easy to blame others for your failures
however, one can never succeed unless one first accepts and acknowledges his shortcomings first