IMF Appoints New Country Head for Pakistan

The International Monetary Fund (IMF) has appointed Mahir Binici as the new country head for Pakistan. He will replace Esther Perez Ruiz effective December 2024. Binici is a Turkish national with experience in macroeconomic policies and financial sectors and will face the challenge of overseeing the long-awaited $7 billion Extended Fund Facility (EFF) for Pakistan. The appointment comes as Pakistan intensifies efforts to secure IMF approval for the loan by late September. However, skepticism surrounds the IMF’s motives, with Deputy Prime Minister Ishaq Dar and others criticizing the fund for previous inaccurate projections and harsh conditions. Pakistan is struggling to secure a $2 billion financing gap required for IMF board approval. If the financing is not confirmed by the end of this week, approval for the EFF could be delayed and further complicate Pakistan’s economic situation. The government is also concerned about meeting fiscal targets and potential recommendations for a mini-budget if revenue shortfalls persist.