September 12, 2024 (MLN): The IMF Executive Board is set to meet on September 25 to review and potentially approve the $7 billion Extended Fund Facility (EFF) for Pakistan, IMF Director of Communications Julia Kozek informed during a press briefing.
The decision is eagerly anticipated, as it could provide crucial financial support to Pakistan, stabilizing its economy amid ongoing fiscal challenges.
According to Kozek, the approval of this program is key to helping Pakistan meet its economic reform goals and address its financial needs.
“Consistent policy efforts under the recently completed 2023 standby arrangement brought the country towards stability and the goal is to maintain sustainability and growth,” she said.
Earlier today, Jameel Ahmad, governor of the State Bank of Pakistan during an analyst briefing after announcing the policy rate said that the country is expecting the IMF’s executive board meeting to review its new $7bn loan program this month.
He further informed that the nation has arranged more than $2bn in financing and assurances from lenders other than the IMF.
Now there is no hurdle left to take Pakistan’s case to the Board as all those assurances and external financing have been arranged by the government.
Meanwhile, Prime Minister Shehbaz Sharif stated lately that the friendly nations have assisted Pakistan in meeting the conditions required to secure a bailout from the Fund IMF.
The government has been actively working on fulfilling the IMF’s stipulations to finalize the $7bn, 37-month loan program agreed upon in July, which Pakistan aims to make its last.
