IMF staff-level pact delayed amid Middle East crisis
ISLAMABAD: Pakistan and the Global Monetary Fund (IMF) could not reach a staff-level accord (SLA) on the third evaluate of the country’s $7 billion
An illustrative image related to: IMF staff-level pact delayed amid Middle East crisis, highlighting key aspects of the story. | Image source: Dawn.com
IMF staff-level pact delayed amid Middle East crisis
ISLAMABAD: Pakistan and the Global Monetary Fund (IMF) could not reach a staff-level accord (SLA) on the third evaluate of the country’s $7 billion Extended Fund Facility (EFF) and the second evaluate of the Resilience and Sustainability Facility (RSF) within the scheduled timeframe on Wednesday and decided to continue discussions.
Official sources stated the evolving geopolitical condition had created uncertainty around many areas, particularly related to the fiscal and monetary outlook for the remaining quarter of the current finance year and its spillover into the next year, making projections increasingly unclear.
It was observed that, given the unstable condition, Pakistan’s oil import cost could not be estimated with precision, nor could the potential impact on export orders if the Middle East crisis — particularly a prolonged closure of the Strait of Hormuz — continued. Therefore, projections for the current and commerce accounts as well as fiscal balances remained fluid despite existing forecasting models.
Both the IMF and Pakistani representatives remained tight-lipped about the outcome of the dialogue and did not respond to requests for comment. The Fund also did not issue its customary end-of-mission comment.
The IMF mission led by Iva Petrova “is facing more uncertainties than us about the geopolitical condition and its economic impact not only on Pakistan but around the global market,” a senior province official stated.
The senior officer issue remains the next year’s finance, he stated, adding that it was unclear if dialogue would conclude with an SLA in two to three days.
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