ISLAMABAD: The International Monetary Fund (IMF) Executive Board will meet on September 25 to discuss the approval of $7 billion Extended Fund Facility (EFF) to Pakistan, IMF spokesperson Julie Kozack said.
IMF’s decision to consider Pakistan’s new 37-month Extended Fund Facility (EFF) came after Pakistan’s efforts to meet the lender’s conditions, including raising tax revenue by 40%, increasing energy prices, and necessary financing assurances from friendly countries.
Addressing a press briefing on Thursday, spokesperson Julie Kozack said that IMF had reached a staff-level agreement with Pakistan on the $7 billion EFF in July. Despite this, Pakistan faced delays in finalizing the IMF Board’s approval.
“We are very happy that we can say now that the board meeting is scheduled for September 25,” an IMF spokesperson said, adding that Islamabad is implementing the terms of the 37-month agreement.
During the federal cabinet meeting, PM Shehbaz said that the government was making efforts to secure the IMF bailout package and negotiations are progressing positively
Premier expressed gratitude to friendly countries for once again overwhelmingly supporting Pakistan. “Friendly countries have repeated the history and supported Pakistan,” he said.
In a statement on a positive breakthrough on IMF bailout, Finance Minister Muhammad Aurangzeb expressed gratitude to those involved in the negotiations including Prime Minister Shehbaz Sharif’s team, the IMF negotiators, and the relevant institutions.
“By the grace of God, all matters with the IMF have been settled amicably,” Aurangzeb said
“These matters will be finalised in the meeting of the board of IMF this month,” Aurangzeb said. “The economy is moving towards growth after stabilisation.”
The Finance Czar also lauded the announcement by the State Bank of Pakistan to slash the policy rate by 200 basis points (bps), calling it a step to boost investors’ confidence.
Today Pakistan’s central bank announced to cut its key policy rate by 200 basis points (bps) to 17.5 percent amid slowing inflation and declining international oil prices.
SBP in a statement said, “The Monetary Policy Committee (MPC) decided to reduce the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024,” adding that it took into account the core inflation which fell sharply over the past two months.
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