Finance Division calls on IMF to postpone Sixth Review

The Finance Division has formally requested the International Monetary Fund (IMF) to postpone the meeting of the Executive Board for the consideration of the sixth review until the end of this month, according to a press release issued on Sunday.

The board’s $6 billion Expanded Financing Facility (EFF) review was due to be held on January 12 to decide whether to disburse a tranche of about $1 billion for which the government had tabled the bill. de finances (supplementaire) 2021, generally known as the mini-budget, for approval in the National Assembly on December 30.

The State Bank of Pakistan (SBP) Amendment Bill 2021 was also introduced in the House, which was referred to the relevant Standing Committee for consideration.

However, at the start of the proceedings, despite the absence of PML-N Chairman Shehbaz Sharif and PPP Chairman Bilawal Bhutto Zardari, opposition members tore up copies of the agenda and surrounded the dais. Of the president.

“The government of Pakistan has introduced both the bills in the National Assembly and [the] The IMF forwarded the 6th tranche recommendation to its Executive Board for consideration on January 12,” the press release read.

Read: Cabinet fulfills another IMF condition for $1bn loan

The IMF board will consider approving the sixth review and releasing the $1 billion tranche under the EFF as soon as the legislative procedures are completed, the statement added.

The government is again ready to convene the NA session on Monday (today) to introduce tax and levy amendments as the Finance (Supplementary) Bill 2021.

Earlier, it was reported that the IMF decided to replace its mission chief in Pakistan, Ernesto Rigo, while there were chances that the fund’s board would not accept Pakistan’s request for the relaunch of the $6 billion loan program previously scheduled for January 12.

Sources said the IMF has decided to replace its Washington-based mission chief in Pakistan. Rigo had finalized loan negotiations with Pakistan in May 2019, which were started by his predecessor Herald Finger in November 2018.

The IMF has not yet officially announced the replacement of Rigo, who has just been appointed mission chief in Lebanon, another country which is going through a crisis and is in negotiations with the IMF.