Pakistan

PM Shehbaz hopes IMF board will approve $3 billion bailout

  • Premier says his government had no choice but to accept the Fund's terms
Published July 12, 2023

Pakistan’s Prime Minister Shehbaz Sharif has said that he is optimistic that the International Monetary Fund will approve a $3-billion bailout at its board meeting on Wednesday (today), Aaj News reported.

“The meeting is scheduled for today,” the premier said while addressing the inauguration ceremony of Shaheen Chowk Flyover in Islamabad.

“I hope the board will approve the programme. This programme will help Pakistan’s economy to stabilise.”

The premier said that his government had no choice but to accept the IMF conditions.

The premier, who announced earlier that his government would end on August 14th, said they’ve laid the foundation stone for another project aimed at improving the lives of the people.

PM Shehbaz’s statement comes ahead of the IMF Executive Board meeting scheduled to consider the 9-month SBA of $3 billion for Pakistan.

According to the IMF Executive Board calendar available on its website, the next meetings are scheduled for July 12, 13, 17, 19, and 20, 2023.

The IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month SBA on June 30. This agreement is subject to approval by the IMF’s Executive Board.

Official sources in the Finance Ministry revealed to Business Recorder that there are high chances that the IMF Executive Board would approve the new programme for Pakistan. After the approval of the IMF board, Pakistan will get the installment of $1.1 billion.

Comments

Comments are closed.