Pakistan’s $7 Billion Loan Officially on IMF Board’s Meeting Agenda of Sep 25 

The International Monetary Fund (IMF) has formally notified that the Executive Board would consider “Pakistan – 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility” on September 25.  According to the Fund’s website, the IMF updated the schedule of the executive board meeting set to be held on September 25 to take Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion on agenda.  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 $7 billion) on July 12.  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.  Julie Kozack, Director of the Communications Department at IMF on September 12 while addressing a press briefing stated, “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 stabilize 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.”