The Memorandum of Economic and Financial Policies (MEFP) between Pakistan and the IMF staff could not be finalised in time for the 6th Review under the $6 billion Extended Fund Facility to be completed (EFF).
The government is in a Catch-22 situation since whether the IMF programme is implemented or not, there are hazards associated with both scenarios. Pakistan’s foreign currency reserves fell by $1.6 billion in the last two weeks after the country paid $1 billion on the maturity of an international Sukuk bond.
