Including for essential items, is very high. On the functioning of the FX market-economic growth has stalled. Shocks as well as some policy missteps-including shortages from constraints Price spike in the wake of Russia’s war in Ukraine.
Impacted the lives of millions of Pakistanis and an international commodity
Several external shocks such as the catastrophic floods in 2022 that “Since the completion of the combined seventh and eight reviews under theĢ019 Extended Fund Facility (EFF) in August 2022, the economy has faced This agreement is subject to approval by the IMF’s Executive Board, which isĮxpected to consider this request by mid-July. The new SBA builds on the authorities’Įfforts under Pakistan’s 2019 EFF-supported program which expires end-June. “I am pleased to announce that the IMF team has reached a staff-levelĪgreement with the Pakistani authorities on a nine-month Stand-byĪrrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 Meetings with the Pakistani Authorities to discuss a new financingĮngagement for Pakistan under an IMF Stand-by Arrangement (SBA).Īt the conclusion of the mission, Mr. Washington, DC – June 29, 2023: An International Monetaryįund (IMF) staff team led by Mr. Steadfast policy implementation is key for Pakistan to overcome its current challenges, including through greater fiscal discipline, a market determined exchange rate to absorb external pressures, and further progress on reforms, particularly in the energy sector, to promote climate resilience, and to help improve the business climate.The new SBA will also create space for social and development spending through improved domestic revenue mobilization and careful spending execution to help address the needs of the Pakistani people. The new SBA will support the authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July. The IMF staff and the Pakistani authorities have reached a staff-level agreement on policies to be supported by a Stand-By Arrangement (SBA).Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.
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