International Monetary Fund IMF team is planning to visit Pakistan for discussions about the country’s $3 billion standby arrangement (SBA) on November 2.

Pakistan’s finance ministry is also getting ready for these talks with IMF team.

The IMF’s resident representative, Esther Perez Ruiz, confirmed this development. Pakistan is currently under a caretaker government and is striving for economic recovery after the IMF approved its loan program in July.

This loan program prevented a sovereign debt default, and Pakistan received its first $1.2 billion installment from the IMF shortly after approval.

Ruiz stated, ‘An International Monetary Fund IMF team, led by Mr. Nathan Porter, will begin their mission in Pakistan on November 2 for the first review under the current Stand-By Arrangement.’

The finance secretary has called for a significant meeting with all government departments to review progress on agreed-upon benchmarks and criteria with the IMF.

According to reports, the finance ministry has been working hard to keep the budget deficit within the limits set by the IMF. They have also encouraged provinces to cut their spending, and preliminary data indicates that Punjab and Sindh have made significant progress in this regard.

Another challenge is managing the rising debt servicing requirements, which are projected to exceed initial targets due to increased policy rates set by the central bank.

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