ISLAMABAD: The Pakistani finance ministry said on Wednesday the second and final review of a Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) would be held in Islamabad from Mar. 14-18.
Islamabad secured the last-gasp rescue package last summer to avert a sovereign default.
The last review, if successful, will release a tranche of around $1.1 billion.
“Pakistan has met all Structural Benchmarks, Qualitative Performance Criteria and Indicative Targets for successful completion of the IMF review,” the finance ministry statement said.
“This would be the final review of SBA, and staff level agreement is expected after this appraisal.”
The final tranche of $1.1 billion would be disbursed following the approval of the Executive Board of the IMF, the statement added.
Prime Minister Shehbaz Sharif has already directed his finance team, headed by newly installed Finance Minister Muhammad Aurangzeb, who was the CEO of Pakistan’s largest bank, HBL, to initiate work on seeking an Extended Fund Facility (EFF) after the current standby arrangement expires on April 11.
The lender has said it will formulate a medium-term program if Islamabad applies for one.
Ahead of the last bailout, the South Asian nation had to undertake a slew of measures demanded by the IMF, including revising its budget, a hike in its benchmark interest rate, and increases in electricity and natural gas prices. The measures pushed inflation up to record highs as the rupee depreciated to record lows against the USD.