After much anticipation, Pakistan has finally been included in the schedule for the International Monetary Fund (IMF) Executive Board meetings. On September 25, the IMF will review Pakistan’s request for a new $7 billion loan program.
To address its $2 billion financing gap, Pakistan has already secured the necessary financial assurances from development partners. This crucial step comes after a recent statement by an IMF spokesperson, confirming that Pakistan’s case would be assessed on the aforementioned date.
Earlier, the State Bank of Pakistan stated that the government had met all the financial assurances required by the IMF. With these hurdles now cleared, there are no more obstacles standing in the way of securing the program.
Pakistan is expected to present its case at the IMF meeting in September 2024. The country faces significant financial obligations this fiscal year, with a total of $26.20 billion to be repaid. Of this, $16.3 billion will be rolled over, alleviating some of the immediate pressure.
Pakistan’s inclusion in the IMF meeting agenda is a pivotal step toward stabilizing its economy, marking an important milestone in its financial recovery journey.