IMF now defers Pakistan's 6th review to release $1 billion under fund facility

An interesting phase is going to begin this week where the parliament will have to initiate a debate on these two bills.

It is yet to be seen how both Houses of Parliament grant their stamped approval on the controversial State Bank of Pakistan Amendment Bill 2021, reports The News International.

Top official sources confirmed to The News here on Sunday that the IMF’s Executive Board had removed from its calendar 2022 consideration of Pakistan’s case for completion of the 6th review scheduled for January 12 and release of $1 billion under the EFF programme.

Now the IMF’s Executive Board will consider only Nepal's request under the Extended Credit Facility on January 12, 2022, the newspaper reported.

When contacted about the exact date for consideration of Pakistan’s request by the Fund’s Executive Board, the IMF’s Resident Chief in Pakistan, Esther Perez Ruiz, replied: "The Board meeting for consideration and eventual approval of the 6th Review under the EFF is being postponed at the request of the authorities. The new date is yet to be determined."

Now Pakistani authorities say that the IMF’s Executive Board was expected to meet by end January 2022 or early February 2022 for considering Pakistan’s request for completion of the 6th review and release of $1 billion tranche under the EFF program.