The International Monetary Fund (IMF) postponed its next bilateral meeting with Pakistan on Saturday in order to obtain details on all targets missed due to floods before negotiating the next tranche of an extended fund facility.
Previously, a meeting between Islamabad’s financial authorities and the global lender was scheduled for the third week of November. The meeting has now been rescheduled, though a new date has not yet been announced.
Before the next round, Pakistan must complete its report on the government’s expenditure on flood relief, rehabilitation, and reconstruction efforts, as well as all pre-agreed-upon goals that were met and missed.
According to sources, the IMF also wants the Federal Board of Revenue to set a new target for tax revenue (FBR).
Aisha Ghaus Pasha, State Minister for Finance, has stated that the country’s flood damage will be assessed before the next IMF meeting. She went on to say that Pakistan will also ask for more money from them.
Since the August floods, there have been numerous informal and formal meetings between Pakistan Prime Minister Shehbaz Sharif and IMF managing director Christine Lagarde at various global forums, with one point consistently emphasized: the floods had a massive impact.
To read our blog on “The brutal IMF cycle in Pakistan,” click here