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Pakistan

Making good progress with IMF to secure Board approval during September, says Aurangzeb

  • Pakistan had earlier expected Executive Board approval on $7bn Extended Fund Facility in August
Published August 21, 2024

Finance Minister Muhammad Aurangzeb said on Wednesday that the government is making progress with the International Monetary Fund (IMF) and expects to secure approval from its Executive Board on the $7-billion Extended Fund Facility (EFF) next month.

“We are making good progress with IMF to secure Board approval during September,” he told Business Recorder via message.

His statement comes after it was widely expected that Pakistan’s agenda would be taken up by the IMF Executive Board during August.

However, Pakistan’s name was not included on the Executive Board’s schedule for this month, raising concerns about the timeline for the disbursement of the loan.

The exclusion from the agenda from August also stoked fears that there were still some pending items on Pakistan’s to-do list including securing additional external financing.

The IMF did not respond to a request for comment.

Pakistan and the IMF reached a staff-level agreement on July 12 for a 37-month loan programme.

But the final approval will need to come from the IMF Executive Board after Pakistan secures “timely confirmation of necessary financing assurances from development and bilateral partners.”

This includes rollovers or disbursements on loans from Pakistan’s long-time allies Saudi Arabia, the United Arab Emirates, and China.

Bilal Memon

Bilal Memon is the Head of Digital Content at Business Recorder. His Twitter handle is @bilalahmadmemon

Comments

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Rizwan Aug 21, 2024 12:53pm
Fin Minister earlier this month informed we've secured commitment from Bilateral partners & expect program be approved by IMF. why Fin Minister has said lie if we had not secured commitment?
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Alam Shehzad Aug 21, 2024 01:28pm
@Rizwan Typical banker speak; they'll say whatever they need to in the moment to keep the ball rolling. If only our FinMin was someone qualified instead of a banker with zero experience of economics
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Power Master Aug 21, 2024 02:18pm
He was hbl ceo Under his leadership hbl was fined about 400 usd by usa n forced to leave usa.
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