Karachi: Pakistani officials will meet International Monetary Fund (IMF) representatives in Dubai from November 9-16 to review the economy, a finance ministry source said.
“We will meet with IMF in Dubai for article IV consultations,” the official said, referring to annual talks the fund holds with each member government to assess the health of the economy.
Pakistan opted out of both the extension of the US$11 billion loan plan and a new loan programme, saying it had no balance of payments crisis.
Analysts say the government is taking the risky move of choosing short-term political gain over long-term economic stability.
Pakistan’s current account deficit in the first three months of the fiscal year 2011/12 widened to US$1.209 billion from US$597 million in the same period last year.
Pakistan’s foreign exchange reserves stood at US$17.15 billion in the week ending October 28 and hit a record US$18.31 billion in the week ending July 10. They have since eased due to scheduled debt payments.
The IMF loan repayments are also due to start from early next year but the country’s finance minister Hafeez Sheikh said recently that Pakistan will have no trouble repaying a loan from the IMF.
Analysts, however, said that Pakistan will eventually have to go back to the IMF for a new loan.
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