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IMF team due on May 15 for talks on new loan programme

By News Desk

May 1, 2024 04:32 PM


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The government of Pakistan and the International Monetary Fund (IMF) have set a schedule of talks for the new loan programme and an IMF team will reach Pakistan on May 15 in this regard, reported 24NewsHD TV channel on Wednesday, quoting its sources.

Both sides will first hold technical level talks and later policy level parleys will be held.

A couple of day ago the IMF executive board had given the green light for a USD 1.1 billion loan tranche for Pakistan, signalling the conclusion of the second bailout package. Later the amount was transferred to the State Bank of Pakistan.

This latest funding marks the third and final installment of a USD 3 billion standby arrangement with the IMF, crucial for Pakistan to stave off a sovereign default.

Looking ahead, Pakistan is eyeing a new, more substantial IMF loan over a longer duration. Finance Minister Muhammad Aurangzeb had indicated that Islamabad could secure a staff-level agreement on the new programme as early as July.

The focus is on securing a loan spanning at least three years to bolster macroeconomic stability and implement much-needed structural reforms. This development follows Prime Minister Shehbaz Sharif's meeting with IMF Managing Director Kristalina Georgieva in Riyadh, in which he reaffirmed his government's commitment to revitalizing Pakistan's economy.

 

Reporter Waqas Azeem


News Desk


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