![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/track_1x1.jpg\"){kind=spacer}
\n
![\"IMF](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/may-11-74.jpg\")
In a press briefing, the IMF\u2019s Director of Communications, Julie Kozack, said the Board approved the program based the country\u2019s progress on \u201csome of the reforms\u201d. (IMF)<\/p>\nThe International Monetary Fund (IMF) on Thursday defended its bailout package to Pakistan, weeks after an \u201cimmediate disbursement\u201d of $1 billion (around Rs 8,500 crore) to the debt-ridden country. The global body said its Board found that Pakistan had \u201cindeed met all the targets\u201d with respect to the funding criteria.<\/p>\n
In a press briefing, the IMF\u2019s Director of Communications, Julie Kozack, said the Board approved the programme based the country\u2019s progress on \u201csome of the reforms\u201d. \u201cIn general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan\u2019s review,\u201d Kozack said.<\/p>\n
\n In a press briefing, the IMF\u2019s Director of Communications, Julie Kozack, said the Board approved the program based the country\u2019s progress on \u201csome of the reforms\u201d. (IMF)<\/p>\n
The approval came amid rising tensions between India and Pakistan even after New Delhi<\/a> had abstained from voting in the IMF\u2019s Executive Board meeting on May 9, which allowed the latest tranche of funds to be disbursed as part of its Extended Fund Facility (EFF). New Delhi had highlighted Pakistan\u2019s poor track record using IMF\u2019s funds and pointed to the possibility of \u201cmisuse of debt financing funds for state-sponsored cross-border terrorism\u201d.<\/p>\n Story continues below this ad<\/p>\n Chronology and timeframe<\/p>\n According to the IMF, the Extended Fund Facility (EFF) \u201cprovides financial assistance to countries facing serious medium-term balance of payments problems because of structural weaknesses that require time to address\u201d. The 37-month EFF was approved on September 25 last year to a total disbursement of $7 billion to Pakistan.<\/p>\n With the EFF program approved, the IMF planned the first review for the first quarter of 2025. With that timeline in view, the IMF staff and Pakistani authorities reached a Staff-Level Agreement on March 25.<\/p>\n \u201cThat agreement, that Staff-Level Agreement, was then presented to our Executive Board, and our Executive Board completed the review on May 9. As a result of the completion of that review, Pakistan received the disbursement at that time,\u201d Kozack said in the press briefing.<\/p>\n On the majority vote<\/p>\n Responding to a question, Kozack said the majority vote that was received to approve the bailout package cannot be disclosed publicly. \u201cWith respect to the voting or the decision-making at our Board, we do not disclose that publicly. In general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan\u2019s review.\u201d<\/p>\n Story continues below this ad<\/p>\n 3 points on the question of safeguards<\/p>\n When asked about the IMF\u2019s general safeguards so that its funds won\u2019t be used for military or in support of military actions, Kozack highlighted the following pointers.<\/p>\n \u201cAnd, of course, any deviation from the established programme conditions would impact future reviews under the Pakistan program,\u201d she said.<\/p>\n The Indian Express\u00a0had earlier reported<\/a> <\/strong>that two days before the May 9 meeting, the IMF staff had prepared a Supplementary Information docket, flagging flagged \u201creputational risks\u201d over perceived misuse of its lending and the increase in \u201centerprise risks\u201d due to rising tensions with India. It further noted that as mitigants, the Pakistani authorities reiterated their strong commitment to the program.<\/p>\n The report also included 11 new structural benchmarks introduced by the Fund. They have been linked to fiscal, governance, social, monetary and financial parameters along with metrics to be met in energy sector and trade, investment policy and deregulation among others.<\/p>\n Story continues below this ad<\/p>\n IMF on India-Pakistan conflict<\/p>\n The global body\u2019s communications director said it hopes for a \u201cpeaceful resolution\u201d of the ongoing India-Pakistan conflict. \u201cWith respect to Pakistan and the conflict with India, I want to start here by first expressing our regrets and sympathies for the loss of life and for the human toll from the recent conflict. We do hope for a peaceful resolution of the conflict,\u201d Kozack added.<\/p>\n With Operation Sindoor on the intervening night on May 7-8, Indian armed forces targeted and destroyed nine terror sites in Pakistan and Pakistan-occupied Kashmir including the headquarters of the Lashkar-e-Taiba and Jaish-e-Mohammed. The airstrikes targetting terror infrastructure in Pakistan were conducted in response to the April 22 terror attack in Jammu<\/a> and Kashmir\u2019s Pahalgam which claimed the lives of 22 people.<\/p>\n The two countries agreed to an immediate ceasefire to stop military action on May 10.<\/p>\n![\"Festive](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/article_banner.jpg\")
<\/a><\/p>\n\n
![\"vibha](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/Safeimagekit-resized-img-1.jpeg\")
![\"twitter\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/x-story.svg.svg+xml\")