KARACHI: Pakistan, which opted out of an extension of a three-year IMF $11 billion emergency loan programme that ended in September, will meet International Monetary Fund officials from November 9-16 to review the economy, a finance ministry source said on Friday.
“We will meet with IMF in Dubai for article IV consultations,” the official said, referring to annual talks the fund holds with each member government to assess the health of the economy.
Pakistan opted out of both the extension of the $11 billion loan programme and a new loan programme, saying it had no balance of payments crisis.
Analysts say the government is taking the risky move of choosing short-term political gain over long-term economic stability.
Pakistan's current account deficit in the first three months of the 2011/12 fiscal year widened to $1.209 billion from $597 million in the same period last year.
Pakistan's foreign exchange reserves stood at $17.15 billion in the week ending October 28 and hit a record $18.31 billion in the week ending July 10. They have since eased due to scheduled debt payments.
The IMF loan repayments are also due to start from early next year but the country's finance minister said recently that Pakistan will have no trouble repaying a loan from the IMF.
Analysts, however, have said that Pakistan will eventually have to go back to the IMF for a new loan.
Dear visitor, the comments section is undergoing an overhaul and will return soon.