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 Navy launches fourth Hangor-class submarine ‘Ghazi’ in China 

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Pakistan Navy launches fourth Hangor-class submarine ‘Ghazi’ in China 

  • As per Islamabad’s agreement with Beijing, four of eight submarines will be built in China and the rest in Pakistan
  • Navy says all four submarines under construction in China undergoing sea trials, in final stages of being handed over

ISLAMABAD: The Pakistan Navy announced on Wednesday it has launched the fourth Hangor-class submarine named “Ghazi” at a Chinese shipyard in Wuhan, saying the development will help maintain peace in the region.

Pakistan’s government signed an agreement with China for the acquisition of eight Hangor-class submarines, the navy said in its press release. Under the contract, four submarines are being built in China while the remaining four will be constructed in Pakistan by the Karachi Shipyard and Engineering Works Ltd. company.

“With the launching of GHAZI, Pakistan Navy has achieved another significant milestone where all four submarines under construction in China are now undergoing rigorous sea trials and are in the final stages of being handed over to Pakistan,” the navy said. 

It further said that these submarines will be fitted with advanced weapons and sensors capable of engaging targets at standoff ranges. 

“Hangor-class submarines will be pivotal in maintaining peace and stability in the region,” the navy added. 

Pakistan’s agreement with China is set to strengthen its naval defenses, especially as ties with arch-rival India remain tense. 

India and Pakistan were involved in a four-day military confrontation in May this year before Washington intervened and brokered a ceasefire. Four days of confrontation saw the two countries pound each other with fighter jets, exchange artillery fire, missiles and drone strikes before peace prevailed. 

Pakistan’s air force used Chinese-made J-10 fighter jets in May to shoot down an Indian Air Force Rafale aircraft, made by France.

The altercation between the nuclear-armed neighbors surprised many in the military community and raised questions over the superiority of Western hardware over Chinese alternatives.

Islamabad has long been Beijing’s top arms customer, and over the 2020-2024 period bought over 60 percent of China’s weapons exports, according to data from the Stockholm International Peace Research Institute.