THE IMF Executive Board’s approval of the second review of its Extended Fund Facility and the first of the arrangement under the Resilience and Sustainability Facility, leading to the disbursement of $1.2bn, must strengthen Pakistan’s balance-of-payments position and support its efforts to boost international reserves.

A media report, however, suggests that the lender’s approval could not have been possible without it granting Islamabad waivers as it had failed to meet certain key targets related to tax collection, BISP disbursements, primary budget surplus, and so on.

That said, the programme’s policy priorities continue to remain focused on maintaining macroeconomic stability, advancing reforms to strengthen public finances, enhancing competition, raising productivity........

© Dawn