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IMF Board Meeting on September 25 to Approve Special Loan Program for Pakistan
The IMF board meeting on September 25 is set to approve Pakistan's special loan program. IMF Director Julie Kuzek confirmed the meeting and Pakistan's progress on its 37-month loan terms.
ND
by News Desk
2024-09-12
IMF Board Meeting on September 25 to Approve Special Loan Program for Pakistan

The International Monetary Fund (IMF) board is scheduled to meet on September 25 to approve a special loan program for Pakistan, according to IMF Director of Communication Julie Kuzek. During a press briefing, Kuzek confirmed that the IMF board's approval is a key step in finalizing the loan package.
The staff-level agreement between Pakistan and the IMF was reached in July, following Pakistan's successful completion of a nine-month standby agreement last year.

The 37-month loan program, which Pakistan is currently implementing, is expected to address the country's financial challenges.
Pakistan has requested a loan of $7 billion from the IMF to support its economic recovery and development plans.

The State Bank of Pakistan has stated that all financial assurances required for the IMF program have been received, clearing the way for the loan approval.
The State Bank of Pakistan's latest figures indicate that the country must manage $26.20 billion in payments for the current financial year, with $16.3 billion expected to be rolled over.

Of this, $14.1 billion will be due by March, with $8.3 billion rolled over and $5.8 billion outstanding. The State Bank plans to address these obligations with monthly payments ranging from $800 million to $1 billion.
From July to September, Pakistan has settled $4 billion, including $1.7 billion in payments and $2.3 billion in rollovers.
In related developments, Prime Minister Shehbaz Sharif addressed the federal cabinet, stating that negotiations with the IMF are progressing positively.

He highlighted that friendly countries have continued their support, emphasizing the collaborative efforts to enhance Pakistan's growth prospects.
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