Negotiations between Pakistan and the International Monetary Fund (IMF) for the third-review of the Extended Fund Facility Programme formally began in Islamabad on Monday, reported 24NewsHD TV channel.
Sources told the 24News TV channel that Finance Minister Muhammad Aurangzeb was leading the Pakistani delegation in talks with the IMF.
They informed that talks for the second review of Climate Financing Programme would be held online.
Giving further details, sources said that there would be technical-level talks in the first phase.
During these talks, data would be shared with the Fund officials, they elaborated.
While in the second phase, there would be policy-level negotiations between the two sides.
Pakistan’s performance during the first six months of the ongoing financial year (FY) would come under discussion at the meeting.
The IMF delegation would review Pakistan’s economic situation besides the steps taken to tackle climate change.
Sources informed that Pakistan had met all targets set by the international money-lending organization barring tax.
The strategy to be adopted for the next year’s budget would also come under discussion at the talks.
Under both programmes, sources went on to say, Pakistan would receive from the Fund $1.20 billion in the next tranches.
In case, the talks remain successful, Pakistan would receive the fourth tranche under the Extended Fund Facility Programme, while it would receive the second tranche under the Climate Financing Programme.
The country has so far received $3.30 billion from the Fund under both these programmes.
Presently, Pakistan is simultaneously holding negotiations with the IMF under two loan programmes: the country is holding negotiations under the $7 billion Extended Fund Facility Programme and $1.40 billion Climate Financing Programme.
Reporter: Waqas Azeem