Islamabad, Aug 21: Pakistan’s Finance Minister Muhammad Aurangzeb stated on Wednesday that his country is moving forward well with the International Monetary Fund and anticipates receiving board approval for a fresh $7 billion loan package in September.
The 37-month loan program was agreed upon by Pakistan and the IMF in July. The IMF stated that getting “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners” and the Executive Board’s approval are prerequisites for the new Extended Fund Facility program.
Aurangzeb texted Reuters, saying, “We are making good progress with IMF for Board approval in September.” In addition to funding from the IMF, Pakistan has previously been able to cover its external financing needs through loan rollovers or disbursements from China, the United Arab Emirates, and Saudi Arabia, its longstanding allies.A Reuters request for comment regarding Pakistan’s needs for outside funding and the executive board meeting regarding Pakistan’s loan program was not immediately answered by the IMF.
