Slow and steady stability

With economic stability taking hold despite its fragility, all eyes are now on the first biannual review of the current $7 billion International Monetary Fund (IMF) funding programme. An IMF mission is expected to arrive here towards the end of this month or early March, according to Finance Minister Muhammad Aurangzeb; the lender is yet to confirm the dates. In response to a question at the post-monetary policy briefing last Monday, State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed the hope that the review will go ahead as planned. The ongoing 37-month Extended Funded Facility programme consists of six reviews over the life of the bailout, and the release of the next tranche of approximately $1bn will be contingent on the success of the performance review.