IMF team to visit Pakistan on Nov. 2 for first review of standby arrangement

The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. (AFP/File)
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Updated 25 October 2023
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IMF team to visit Pakistan on Nov. 2 for first review of standby arrangement

  • Pakistan secured a $3 billion loan program in July that helped avert a sovereign debt default
  • The country is trying to navigate a tricky path to economic recovery under a caretaker setup

KARACHI: An International Monetary Fund (IMF) mission will visit Pakistan on Nov. 2 to discuss the first review of the country’s current $3 billion standby arrangement (SBA), the lender’s resident representative said on Tuesday.

The South Asian nation is trying to navigate a tricky path to economic recovery under a caretaker government in the wake of an IMF loan program, approved in July, that helped avert a sovereign debt default.

Under the program, Pakistan received $1.2 billion from the IMF as the first tranche in July.

“An International Monetary Fund team led by Mr. Nathan Porter will field a mission to Pakistan starting in November 2 on the first review under the current Stand-By Arrangement,” the IMF’s resident representative to Pakistan, Esther Perez Ruiz, told Reuters.


Pakistan extends ban on Indian-registered aircraft through January, aviation authority says

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Pakistan extends ban on Indian-registered aircraft through January, aviation authority says

  • Move marks the seventh extension of the ban after a gun attack in Indian-administered Kashmir
  • It has forced Indian airlines to reroute flights, raising fuel use, travel times and operating costs

ISLAMABAD: Pakistan extended a ban on Indian-registered aircraft from using its airspace until late January, it said on Wednesday, prolonging restrictions that have disrupted flight routes for Indian airlines.

Pakistan first imposed the restriction on April 24 as part of a series of tit-for-tat measures announced by both countries days after an attack in Indian-administered Kashmir that New Delhi blamed on Pakistan. Islamabad denied any involvement and called for a credible, international investigation into the attack, which killed 26 tourists.

Tensions escalated after India targeted several sites in Pakistan and Azad Kashmir, triggering intense missile, drone and artillery exchanges before a ceasefire brokered by the United States took effect on May 10.

“Pakistan’s airspace will continue to remain closed for Indian-registered aircraft,” the Pakistan Airports Authority said in a statement.

“The restriction will remain in effect from December 25, 2025, to January 27, 2026,” it continued. “The restriction will apply to aircraft owned, operated or leased by Indian airlines, including military flights.”

This marks the seventh extension of the ban, which has forced Indian airlines to reroute international flights, increasing fuel consumption, travel times and operating costs.

Earlier this month, Pakistan accused India of blocking humanitarian assistance destined for Sri Lanka after Cyclone Ditwah, saying a special Pakistani aircraft carrying aid was forced to wait more than 60 hours for overflight clearance.

Pakistan later sent relief supplies and rescue teams to the island nation by sea, officials said.