• Nine-member Fund mission begins first biannual review of $7bn Extended Fund Facility
• Govt hopes for successful completion of talks, release of $1.1bn tranche within three weeks
• Insists revenue shortfall offset by higher primary budget surplus, better non-tax revenue receipts

ISLAMABAD: As a nine-member mission from the International Monetary Fund (IMF) begins its first biannual review of Pakistan’s $7 billion Extended Fund Facility (EFF), signed in September last year, the government remains optimistic about a successful conclusion to the talks, which would unlock a $1.1bn tranche over the following three weeks.

The IMF delegation, led by Nathan Porter, will hold discussions with Pakistani authorities for 10 days from March 3 to 14, assessing the country’s compliance with quantitative performance criteria, structural benchmarks and indicative targets under the 37-month programme.

A senior government official involved in preparations for the IMF review said there were some technical slippages for certain given deadlines, but they had been overcome with some delays — within weeks or a month.

“The performance review, in principle, is based on the first half of the current fiscal year — July 1 to Dec 31, 2024 — and while some shortcomings could be observed at that time, all........

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