ISLAMABAD: The International Monetary Fund (IMF) Executive Board is scheduled to take Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on agenda on September 25.
This was confirmed by Julie Kozack, Director of the Communications Department at IMF while addressing a press briefing. “We are very happy that we can say now that the board meeting is scheduled for September 25”, she said, adding that Pakistan had obtained the required financing assurances from development partners.
Kozack said that consistent policy measures have helped stabilise Pakistan’s economy, leading to resumed growth, disinflation, and an increase in international reserves. When asked if Pakistan had secured the necessary financing, she confirmed, “Yes.”
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She stated that Pakistani authorities and the IMF team reached a staff-level agreement on a 37-month EFF of about $7 billion on July 12.
Replying to another question, she stated that it is critical that the authorities recognises and they do recognise that consistent implementation of the new EFF is going to be necessary to successfully and sustainably stabilise, the economy and pave the way for stronger and sustainable growth.
And why is this so important to have stronger and sustainable growth? Because this is how an economy creates jobs. It creates opportunities especially for young people or people who are looking to improve their standard of living. So this is what the programme aims to achieve.
The experience with the Standby Arrangement that we had with Pakistan in 2023, does demonstrate that the authorities have a commitment, it showed that they had ownership and they were able to implement sound policies that can help the economy recover.
And so the new programme is really aiming to build on this momentum and to ultimately create a sustainable environment for strong growth and job creations in Pakistan. Ultimately for the benefit of Pakistani people so they can reach their aspirations.
Copyright Business Recorder, 2024
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