Pakistan on track for $7bn IMF loan approval by September: FM

MG News | August 21, 2024 at 03:48 PM GMT+05:00

0:00

August 21, 2024 (MLN): Pakistan is making good progress with the International Monetary Fund and hopes to get board approval in September for a new $7 billion loan program, Pakistan's Finance Minister Muhammad Aurangzeb said on Wednesday, as Reuters reported.

Pakistan and the IMF reached an agreement for the 37-month loan program in July.

The IMF said the new Extended Fund Facility program is subject to approval from its Executive Board and obtaining "timely confirmation of necessary financing assurances from Pakistan's development and bilateral partners".

"We are making good progress with IMF for Board approval in September," said Aurangzeb in a text message to Reuters.

Rollovers or disbursements on loans from Pakistan's long-time allies Saudi Arabia, the United Arab Emirates and China, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.

The IMF did not immediately respond to a Reuters request for comment on Pakistan's external financing needs and the executive board's meeting on Pakistan's loan program.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,376.77 113.30M	0.10% 172.59
ALLSHR	103,354.68 337.90M	0.03% 28.21
KSE30	52,399.11 41.87M	0.14% 75.53
KMI30	244,577.17 32.73M	-0.06% -156.55
KMIALLSHR	67,045.04 154.33M	-0.18% -119.54
BKTi	47,503.89 20.70M	0.72% 338.44
OGTi	33,265.72 1.77M	-0.19% -63.94

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,495.00	88,980.00 87,000.00	-895.00 -1.01%
BRENT CRUDE	61.98	62.08 61.82	-0.09 -0.15%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	2.30 2.59%
ROTTERDAM COAL MONTHLY	96.90	0.00 0.00	0.30 0.31%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	57.91	57.99 57.76	-0.10 -0.17%
SUGAR #11 WORLD	15.00	15.09 14.83	0.18 1.21%