The International Monetary Fund (IMF) will land in Pakistan tonight to discuss a stalled ninth review of Pakistan’s current funding program, Pakistani media reported.
Pakistan is desperate to secure external financing, as it has less than three weeks’ worth of import cover in its foreign exchange reserves and is facing an acute balance of payments crisis.
A leading Pakistani news portal reported that the delegation would be in Pakistan for 10 days. During the visit, the delegation will be briefed about the country’s economic performance during the second half of 2022… The situation arising from the $30 billion losses incurred by the recent damage done by floods will also be conveyed to the IMF.
The government will also discuss its efforts to improve tax revenue and exchange rate conditions, as well as reforms in the energy sector and steps to reduce the current account deficit with the IMF delegation.
Last week, Pakistan’s finance ministry announced an increase in petrol and diesel prices of 35 rupees ($0.1400) a liter. The Pakistani rupee lost close to 12 percent of its value after the government removed price caps but was opposed by the IMF.
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