Islamabad Finance Ministry to Stay Open for IMF Talks Despite Public Holiday

In a significant decision to support important negotiations with the International Monetary Fund (IMF), Islamabad’s Finance Ministry will remain operational on November 09, 2023, despite it being a public holiday observed as Iqbal Day. The Finance Secretary has issued a directive requiring officers to attend these pre-arranged IMF meetings.

These discussions focus on the first review of a $3 billion Stand-By Arrangement, led by Caretaker Finance Minister Dr. Shamshad Akhtar and her economic team. The team remains hopeful for a positive outcome, crediting successful target achievements from all ministries.

The current talks build upon technical level discussions that commenced on November 03, with policy level discussions scheduled to begin on November 13. A potential financing gap has been identified as a pressing issue to be addressed in these meetings.

The decision to cancel the public holiday was announced by the Finance Secretary in Pakistan on November 06, designating the day as a working day to facilitate crucial meetings with the IMF Review Mission. These discussions are part of an expedited review process regarding Pakistan’s $3 billion Standby Arrangement, where vital information will be shared with the IMF.

The outcome of this review is critical for Pakistan’s economic stability and its ability to obtain continued financial assistance from the IMF. If the country’s performance aligns with expectations, a second tranche of $700 million could be disbursed as part of the agreement.

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