Islamabad finance ministry to remain open for IMF talks despite public holiday

In a move to facilitate crucial discussions with the International Monetary Fund (IMF), Islamabad’s Finance Ministry will stay open on November 09, 2023, despite it being a public holiday, Iqbal Day. A directive from the Secretary Finance has necessitated officer attendance for these pre-scheduled IMF meetings.

The talks are centered around the first review of a $3 billion Stand-By-Arrangement and are led by Caretaker Finance Minister Dr Shamshad Akhtar and her economic team. The team has expressed optimism about the success of the discussions, attributing it to satisfactory target achievements by all ministries.

These discussions follow technical level dialogues that were initiated on November 03, with policy level talks set to start from November 13. A potential financing gap has been recognized as a concern that needs to be addressed during these meetings.

The cancellation of the public holiday was announced by the Finance Secretary in Pakistan on November 06, making it a working day for essential meetings with the IMF Review Mission. These meetings form part of an expedited review process of Pakistan’s $3 billion Standby Arrangement, where necessary officials share critical data with the IMF.

The success of this review is integral to Pakistan’s economic stability and its ability to secure continued financial support from the IMF. If Pakistan’s performance meets expectations, a second tranche of $700 million could be released as part of the arrangement.

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