A technical level agreement between Pakistan and the IMF to continue lending is being delayed, presumably until March, ARY News reported, citing people familiar with the situation.
Sources of the publication said that the signing of the technical agreement is postponed to March, without specifying a specific date.
Recall that the agreement on Pakistan’s expanded financing program through the IMF was recently extended for two years, for which the country must be allocated 1.17 billion dollars (88.5 billion rubles) in two tranches once a year, with bringing the total IMF loan to $8 billion (605 billion rubles).
However, each allocation of IMF funds is preceded by the so-called financial review of the country, based on the results of which the fund decides the allocation of the next funds. Pakistan is currently discussing the results of the ninth review with an international creditor.
As part of meeting IMF requirements in 2023, the Pakistani government has opted for another 15% increase in fuel prices and also forms an additional fiscal “mini-budget” designed to replenish the public treasury by Rs 170 billion (73 000 million rubles). ) annually through additional fees.
At the same time, Pakistan’s foreign exchange reserves fell to $3 billion (225 billion rubles) in the second half of February, which is enough to cover just two weeks of imports of goods the country needs. At the same time, due to rising fuel prices, annual inflation reached almost 40% in February.
Source: Rossa Primavera
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