IMF says discussions with Pakistan ‘productive’ on ninth review of $7 billion program 

KARACHI: Esther Pérez Ruiz, the International Monetary Fund (IMF) representative for Pakistan, on Wednesday termed the ongoing discussions with the Pakistani government on the ninth review of the $7 billion loan program “productive,” which would release around $1 billion to the cash-strapped South Asian nation. 
Pakistan’s central bank reserves have depleted to $6.7 billion — barely enough for a month’s imports — as the country continues to grapple with a widening current account deficit, balance-of-payment crisis and currency depreciation. 
The IMF review for the release of its next tranche of funding has been pending since September, leaving the South Asian nation desperately looking for external financing. 
Pakistan’s finance minister Ishaq Dar said on Monday that Islamabad had already met all requirements for a review by the global lender. 
“Discussions to date in the context of the 9th review have been productive, and have enabled a revision to the macroeconomic outlook post floods as well as an in-depth evaluation of fiscal, monetary, exchange rate, and energy policies adopted since the completion of the combined seventh and eight reviews,” Ruiz said in a statement to Arab News. 
“The IMF looks forward to continue the dialogue over policies that adequately address the humanitarian and rehabilitation needs from the floods, while also preserving fiscal and external sustainability given available financing.” 
The IMF approved seventh and eighth reviews together in August of Pakistan’s bailout program agreed in 2019, allowing the release of more than $1.1 billion. 
Pakistan secured a $6 billion bailout program in 2019 that was topped up with a further $1 billion earlier this year. 
Islamabad has also been approaching its allies, including Saudi Arabia, to seek financial support.