$7 billion ‘loan’ performance: IMF mission chief to visit Pakistan next week

ISLAMABAD: International Monetary Fund’s (IMF) Pakistan Mission Chief Nathan Porter will be visiting Pakistan next week to discuss Islamabad’s performance regarding the $7 billion bailout program.

In July, the IMF reached a staff-level agreement on economic policies with Pakistan for a 37-month Extended Fund Facility (EFF) of about $7 billion. In September, the Fund’s executive board approved the 25th loan program that Pakistan has obtained since 1958.

“IMF staff, led by Mr. Nathan Porter, will travel to Pakistan between November 11-15 for a staff visit to discuss recent developments and program performance to date,” an IMF official was quoted as saying by Arab News.

“This mission is not part of the first review under the EFF, which will be no earlier than the first quarter of 2025.”

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Islamabad was able to secure the loan, critical to keeping its $350 billion fragile economy afloat, after taking painful measures such as hiking fuel and food prices, and implementing reforms to broaden the country’s tax base and privatize state-owned entities. 
Since it secured the bailout package, Pakistan’s government has said it has been able to increase its foreign exchange reserves and moved toward economic stability. 

The country’s stock market has also seen a bullish trend in recent weeks that the government and analysts have attributed to Pakistan’s improving macroeconomic conditions, among other factors. 

Inflation in the South Asian country has dropped from a record 38 per cent in May 2023 to 7.2 per cent in October 2024, which the government says dropped due to its prudent fiscal policies.