Pakistan's $7bn EFF on IMF agenda for Sep 25

MG News | September 17, 2024 at 12:46 PM GMT+05:00

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September 17, 2024 (MLN): The International Monetary Fund (IMF) has officially notified that the Executive Board would consider “Pakistan - 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility” on September 25.

According to the Fund’s calendar, the IMF has included Pakistan's $7bn bailout package to its agenda set to be held on September 25.

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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