IMF Delegation
LAHORE (Web Desk) – Pakistan Tehreek-e-Insaf (PTI) chairman in Lahore was visited by a team from the International Monetary Fund (IMF) on Friday.
The worldwide lender is requesting the backing of prominent political parties, such as the PTI, PML-N, and PPP, prior to its executive board meeting set to take place on July 12. During this meeting, the board will assess and potentially approve a $3 billion Standby Arrangement (SBA) for Pakistan.
The team of PTI comprised the ex-prime minister, Shah Mahmood Qureshi, Hammad Azhar, Shaukat Tarin, Omer Ayub Khan, Dr Sania Nishtar, Shibli Faraz, Taimur Jhagra, and Muzammil Aslam.
Providing specifics about the gathering, PTI leader Hammad Azhar stated that a delegation from the International Monetary Fund (IMF) visited their party’s leader in Lahore, where the two parties discussed a recent agreement reached at the staff level between Pakistan and the global lender.
“In this context, we endorse the overall goals and main policies,” Hammad added.
The meeting was attended by Nathan Porter, the IMF country chief, who joined remotely from Washington, and Ester Perez Luis, the Resident Representative, who was physically present, he further stated.
Earlier today, the resident representative of the IMF, Esther Perez Ruiz, stated that the discussions with political parties were aimed at “ensuring their commitment to the primary goals and policies within a new IMF-backed program before the upcoming national elections.”
The financially struggling nation and the IMF had finally achieved a long-awaited staff-level agreement (SLA) on a $3 billion Stand-By Arrangement (SBA), as announced by the global lender on June 30.
The funding of $3 billion, distributed over a span of nine months, exceeds the initial expectations for Pakistan. The country had been anticipating the release of the remaining $2.5 billion from a $6.5 billion bailout package that was agreed upon in 2019.
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Earlier, the Federal Minister for Commerce, Syed Naveed Qamar, held a crucial meeting with the IMF Delegation representative, Ester Perez Luis.
In a significant development for Pakistan’s economic landscape, the IMF Delegation convened with the finance team of the Pakistan Peoples Party (PPP), which included Senator Saleem Mandviwala.