Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of around $7 billion is not included in the IMF schedule for the executive board meeting, which is scheduled for September 9, 13, and 18. This information is based on the Fund’s website.
A deal on the 37-month loan package was agreed in July between Pakistan and the IMF.
The Fund’s Executive Board must approve the new programme before it can be implemented, but it should allow Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive, and resilient growth,” the statement reads.
“The programme aims to capitalise on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers, and remove economic distortions to spur private sector-led growth,” the IMF statement stated, citing Nathan Porter, the head of the Fund’s mission to Pakistan.
Notably, the administration is allegedly trying to get important allies like China, Saudi Arabia, and the United Arab Emirates (UAE) to roll over $12 billion in loans.
