The government and experts have dismissed speculation about the International Monetary Fund (IMF) delegation’s unscheduled three-day visit earlier this month as baseless.
This visit followed the approval of a $7 billion bailout package in September. A corporate platform welcomed the visit as a positive step.
The first official review of the Extended Fund Facility (EFF) is scheduled for March 2025. Finance Minister Muhammad Aurangzeb clarified that the visit was a routine staff check-in. “There were no specific concerns, only updates on benchmarks and targets,” he said.
Addressing concerns about the Saudi oil facility, which expires this year, Mr. Aurangzeb confirmed that talks with Saudi authorities are ongoing. He assured that arrangements with bilateral creditors, including Saudi Arabia, the UAE, and China, are proceeding smoothly to bridge the $2.5 billion external financing gap.
Dr. Reza Baqir, former State Bank Governor, dismissed the controversy around the IMF visit. He explained that the IMF now conducts semiannual reviews, and such staff visits are standard to monitor progress.
IMF mission chief Nathan Porter praised Pakistan’s commitment to economic reforms under the EFF 2024 program. Porter said the talks aimed to reduce vulnerabilities and build a foundation for sustainable growth.
Prominent business leaders emphasized the importance of IMF guidance for Pakistan during this challenging period. Ehsan Malik, CEO of the Pakistan Business Council, stressed the need for strong communication with the IMF to meet key deliverables. He described the visit as a positive sign of trust and collaboration.
Malik noted that the face-to-face meetings were an opportunity to discuss tax revenue, privatization, and fiscal agreements with provinces. He highlighted the technical assistance provided by the IMF, calling the visit constructive and not a cause for concern.
Sources confirmed that unscheduled IMF visits are rare and occur only during economic shocks, deviations from agreements, or requests for renegotiations. Routine reviews, however, follow a fixed schedule to ensure compliance.
Finance Minister Aurangzeb stated that talks with the IMF focused on tax reforms, energy sector improvements, and privatization of state-owned enterprises. He emphasized the government’s efforts to align with the IMF’s advice for financial stability.
Nathan Porter reiterated optimism, saying the discussions aimed to reduce risks and support stronger growth.
