Mohsin Siddiqui (Chief Reporter)

The caretaker government has approached the International Monetary Fund (IMF) to modify the access date for the second review, extending it to March 15, 2024.

This adjustment deviates from the initial schedule set in the July 2023 documents titled “Pakistan Request for a Stand-By Arrangement (SBA),” which originally designated March 1, 2024, as the access date.

The 15-day delay in rephasing the access date is outlined in the Letter of Intent (LoI), jointly signed by caretaker Finance Minister Shamshad Akhtar and Governor of the State Bank of Pakistan (SBP), Jameel Ahmad. The purpose behind this extension is to allow ample time for the completion of the structural agenda.

The LoI underscores that the successful conclusion of the final review, slated for March 2024, necessitates strict adherence to the quantitative performance criteria (QPCs), indicative targets (ITs), and continuous performance criteria (PCs). These parameters are set with end-December 2023 test dates and are clearly defined in the Technical Memorandum of Understanding.