ISLAMABAD, Sep 16 (NNI): The International Monetary Fund (IMF) included Pakistan on the agenda of its Executive Board meeting scheduled for September 25, 2024.
The Executive Board will consider the final approval under the US$7 billion stand-by arrangement (SBA).
The sources said that if the IMF Executive Board expresses satisfaction with Pakistan’s progress, it would pave the way for the release of installments.
Earlier on September 13, Finance Minister Muhammad Aurangzeb announced that all matters with the IMF have been settled amicably, stating, “Alhamdulillah, the Prime Minister is grateful to the IMF negotiation team and related institutions.”
He highlighted that the economy is now transitioning towards growth following stabilization.
According to the minister, finalisation of the agreement will occur during the IMF board meeting later this month.
He added that a reduction in the policy rate will boost investment and business activities, creating employment opportunities.
The IMF is expected to approve the loan program for Pakistan during its Executive Board meeting scheduled later this month.
IMF’s Director of Communication, Julie Kozek, confirmed that an Executive Board meeting scheduled to take place on September 25 in a press briefing, adding that negotiations for a new $7 billion loan program were finalized back in July.
It is pertinent to mention here that on July 13 Pakistan and the International Monetary Fund reached a three-year, $7 billion aid package deal.
The new programme, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement.
The agreement is subject to approval by the IMF’s executive board.
“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 said, quoting Nathan Porter, the Fund’s mission chief to Pakistan. NNI
