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Finance Ministry Reverses Public Holiday Decision for IMF Review

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In a sudden turn of events, the Ministry of Finance has revoked the public holiday slated for 9th November, designating it as a working day. This adjustment has been made to accommodate pre-scheduled meetings with the International Monetary Fund (IMF) as part of the ongoing review of Pakistan’s $3 billion Standby Arrangement.

According to a circular dated Monday, 6th November, the Finance Secretary has taken this step to ensure that the pre-scheduled meetings with the visiting IMF Review Mission proceed as planned. However, it’s essential to note that the working day designation applies exclusively to employees within the Finance Division.

The circular also includes a request for Additional Finance Secretaries and Heads of the Wings to ensure the presence of their respective Officers and Officials for these crucial meetings.

The discussions with the IMF commenced towards the end of the previous week, during which both parties exchanged critical data to expedite the ongoing review process. The outcome of this review holds significant weight, as the disbursement of a second tranche of $700 million from the IMF is contingent upon Pakistan’s performance meeting the lender’s satisfaction. The successful conclusion of this review has far-reaching implications for Pakistan’s economic stability and its ability to secure continued financial support from the IMF, which is crucial during these times of economic challenges.

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