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Print Print 2024-09-25

$7bn IMF EFF: Board likely to do the needful

  • Is all set to consider Pakistan’s 37-month Extended Fund Facility Arrangement today
Published September 25, 2024

ISLAMABAD: Amid high expectations, the International Monetary Fund (IMF) Executive Board is all set to consider Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on Wednesday (today).

According to the Fund’s Executive Board’s calendar available on its website, the Board would consider “Pakistan - 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility”.

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.

Executive Board meeting notified: IMF to take $7bn EFF on its agenda on 25th

This agreement was subject to approval by the IMF’s Executive Board and the timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.

Officials revealed that Pakistan has met all prior conditions and there are high chances that the IMF Executive Board would approve the 37-month EFF of about $7 billion.

The Finance Division, while giving an in-camera briefing to the National Assembly Standing Committee on Finance last week, informed that the IMF has been informed about assurances from friendly countries to roll over existing loans. Sources said these assurances convinced the IMF to schedule a meeting to further discuss Pakistan’s program. Additionally, the IMF has been taken into confidence on reforms in Pakistan’s power sector.

The committee was also informed that Pakistan’s financial requirements are more than the current IMF bailout package. It was further revealed that $7 billion would come from the IMF, while an additional $5 billion will need to be secured from commercial banks and other lenders.

Copyright Business Recorder, 2024

Comments

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KU Sep 25, 2024 09:10am
And then what? Please tell the people how this loan, among other numerous loans, is going to ensure industry-agri recovery, employment n ease of survival.
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Aamir Sep 25, 2024 12:48pm
@KU, this will only be used to pay off maturities on previous liabilities and loans so no new cash flows will be available. It will only help keep rupee stable and this is it.
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Imran Sarr Sep 25, 2024 01:22pm
Instead of begging, improve environment for industrialization and help Pakistanis to wealth, instead squeezing the life out of everything in Pakistan. Only corrupt can win in Pakistan.
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SAd Sep 25, 2024 02:13pm
Editor is looking so pessimistic.
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