Talks Underway for Saudi Investment Projects, More Loans from Commercial Institutions: Finance Minister

Investment projects under mutual agreements with Saudi Arabia are being negotiated while more talks are ongoing with commercial institutions regarding further lending options, according to Finance Minister Muhammad Aurangzeb. The International Monetary Fund (IMF) Executive Board will approve the new $7 billion bailout for Pakistan this month, according to Finance Minister Muhammad Aurangzeb. Talking to media persons recently, Aurangzeb said discussions with the IMF are nearing their closing stages. He acknowledged that a specific approval date from the IMF Executive Board has not been determined but was confident that the $7 billion loan program should be approved within the month. Talks with IMF for external financing are in advanced stages as well, he added. It bears mentioning that the IMF has not yet included Pakistan on the agenda of its executive board meetings scheduled till September 13. 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.