Pakistan loan nod not on IMF board agenda till Sept 4

ISLAMABAD: The IMF has not included Pakistan yet in the calendar list of those countries till September 4, 2024 for which its executive board is scheduled to consider loan approval or Article IV consultations for other countries.

The Fund’s Executive Board is scheduled to consider 2024 Article IV consultation with Vietnam on August 30 and Article IV consultation with Togo on September 4, 2024. There is no mention of Pakistan in the calendar.

Pakistan and the IMF had struck a staff-level agreement on 37 months Extended Fund Facility of $7 billion on July 12, 2024, with the condition that the Board approval was subject to securing external financing needs of the country. Pakistan has not yet got confirmation on the external financing requirements.

Pakistan has requested the Kingdom of Saudi Arabia for extending over $1 billion additional loan coupled with resumption of commercial and syndicate loans from the Middle Eastern banks in order to secure bridge financing of $2 to $3 billion for the current fiscal year. The Pakistani authorities are confident so far that the IMF’s Executive Board was expected to grant approval for $7 billion bailout package under EFF within September 2024.