Pakistan not on IMF’s agenda until Sep 18

MG News | September 09, 2024 at 12:41 PM GMT+05:00

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September 09, 2024 (MLN): Pakistan's eagerly awaited $7 billion bailout package is not on the International Monetary Fund (IMF) executive board's agenda until September 18, according to the calendar.

Prime Minister Shehbaz Sharif last week said that his government was working on implementing conditions from the International Monetary Fund (IMF) to complete its loan programme, which he hoped would be the country's last.

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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