Washington DC September 25 2024: IMF Executive Board is likely to approve USD 7 Billion under 37-month Extended Fund Facility Arrangement (EFF) for Pakistan today.
According to IMF, Pakistan’s agenda under Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility will be take up today by IMF Executive Board.
Earlier in July 2024, the Pakistani authorities and the IMF team have reached a staff-level agreement on a comprehensive program endorsed by the federal and provincial governments, that could be supported by a 37-month Extended Fund Arrangement (EFF) in the amount equivalent to SDR 5,320 million (or about USD 7 billion at current exchange rates).
The staff level 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.
“The program aims to capitalize 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” states IMF.
“We are very happy that we can say now that the Board meeting is scheduled to take place on September 25th. And this is following Pakistan obtaining necessary financing assurances from its development partners” states Julie Kozack, Director of the Communications Department, IMF.
