Board meetings scheduled till Sept 4: Pakistan not on IMF agenda yet

ISLAMABAD: The International Monetary Fund (IMF) has not yet included Pakistan on the agenda of its executive board meetings scheduled till September 4.

According to the Fund’s website, the IMF issued the schedule of the executive board meeting set to be held on August 28, 30 and September 4, but to take Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on agenda is not included.

The Pakistani authorities and the IMF team reached a staff-level agreement on a 37-month EFF in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12.

IMF Executive Board meeting agenda issued; Pakistan not included

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 government is reportedly working to secure a rollover of $12 billion in loans from key allies, including China, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Pakistan has reportedly requested an additional $1.2 billion loan from Saudi Arabia to address a $2 billion financing gap.

Copyright Business Recorder, 2024