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5h ago

IMF, Pakistan Hail Progress but Leave Staff-Level Deal Unfinished

Policy talks will continue in Washington to resolve conditions tied to near-term IMF disbursements.

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The International Monetary Fund (IMF) had reportedly shared the draft Memorandum of Economic and Financial Policies (MEFP) with the authorities before a visiting mission left Pakistan after two weeks of engagements.
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Overview

  • An IMF mission ended on Oct. 8 after two weeks of talks in Karachi and Islamabad, with both sides citing significant progress and saying program implementation remains strong.
  • No staff-level agreement was signed, and the IMF set near-term deadlines, including Economic Coordination Committee approval to abolish two schemes and tighten a third within this month.
  • Pakistan says the IMF shared a draft Memorandum of Economic and Financial Policies and officials aim to finalize terms during Finance Minister Muhammad Aurangzeb’s U.S. visit and the IMF–World Bank meetings starting Oct. 13.
  • Several outlets reported the delegation returned without a deal and that roughly $1 billion in disbursements may be on hold, a development not formally announced by the IMF or Pakistan.
  • The IMF emphasized tight fiscal and monetary policy, energy tariff adjustments and state-owned enterprise reforms, and the Pakistan Stock Exchange rose by about 1,300 points after the upbeat statement.