Daily Times

ISLAMABAD: Pakistan on Tuesday received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews.

This was confirmed by Finance Minister Miftah Ismail on his official Twitter handle.

“Early this morning, the Government of Pakistan received a MEFP from the IMF for combined 7th and 8th reviews,” he wrote.

The MEFP is a document that contains details regarding striking a staff-level agreement.

Previously, Prime Minister Shehbaz Sharif has asserted that the terms with the International Monetary Fund (IMF) have been finalized and the deal will close soon, barring any other conditions set by the global lender.

The draught MEFP is required to pave the way for a staff-level agreement to be reached.

Now that Pakistan has gotten this paper, the country’s economic experts will analyze and scrutinize it for three days. If no major issues are discovered, the finance minister and governor of the State Bank of Pakistan will sign it. The staff-level agreement will next be brought to the IMF’s Executive Board for approval next month, following which the tranche will be released.

The MEFP may be regarded as the pinnacle of decisions reached between Pakistan and the Fund because it incorporates policy actions and structural benchmarks agreed upon by both parties.