The Monetary Policy Committee has called a meeting on March 2 to meet the IMF's precondition, the meeting may increase the interest rate by up to 2 percent.
ISLAMABAD (Akhbar Latest. 28 February 2023) There is a possibility of significant progress regarding the loan program between Pakistan and the IMF, under which the staff level agreement is likely to be reached on March 2 or 3, to fulfill the IMF's precondition. For March 2, the meeting of the Monetary Policy Committee has been called, the interest rate may increase up to 2 percent in the meeting. According to sources ARWI News, there is a possibility of significant progress related to the loan program between Pakistan and the IMF. Virtual talks on the loan program between the FFP could take place on March 2. The Memorandum of Economic and Fiscal Policy will review the objectives of the MFFP.
The staff level agreement for the loan program between Pakistan and the IMF is likely to be reached on March 2 or 3. A meeting of the Monetary Policy Committee has been convened on March 2 to fulfill the preconditions. Under the IMF conditions, the interest rate can increase up to 2%. Important talks between Pakistan and the IMF on the loan program are likely to take place on Thursday.
IMF will be informed about policy rate hike and electricity surcharge. The IMF board meeting is expected 3-4 weeks after the staff level agreement. Similarly, a delegation of Executive Directors of Asian Development Bank visited the Finance Division. Asian Development Bank met Finance Minister Ishaq Dar, Finance Minister welcomed the delegation. Finance Minister Ishaq Dar appreciated the role of ADB in promoting sustainable development in Pakistan.
The Finance Minister briefed the delegation about the economic situation of the country and the challenges faced. The current government has steered the economy towards stability and development. The Finance Minister also briefed the delegation about the talks with the IMF mission. The Finance Minister said that the government is determined to complete the current IMF programme. The ADB delegation appreciated the reforms and policy decisions in key economic sectors. The ADB delegation also discussed climate financing and environmental protection. The ADB delegation expressed all kinds of support for Pakistan.
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