Pakistan not on IMF’s agenda until Aug 30

MG News | August 20, 2024 at 11:14 AM GMT+05:00

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August 20, 2024 (MLN): Pakistan's eagerly awaited $7 billion bailout package is not on the International Monetary Fund (IMF) executive board's agenda until August 30, according to the calendar released on Monday.

Earlier in July, Pakistani authorities and the IMF team reached a staff-level agreement that could be supported by a 37-month Extended Fund Arrangement (EFF) worth SDR 5,320 million or $7bn.

However, this agreement is subject to approval by the IMF’s Executive Board and the timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.

The program aims to capitalize on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers and remove economic distortions to spur private sector-led growth.

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