$7b loan: IMF Executive Board to meet on September 25, says spokesperson

The International Monetary Fund Executive Board meeting has been scheduled for September 25, said the spokesperson.

The IMF board meeting will review the $7 billion loan programme for Pakistan, the fund official said.

Pakistan has secured necessary financial assurances from development partners, the IMF spokesperson said, adding that a staff-level agreement was reached between Pakistan and the IMF in July 2024. 

Presiding over a meeting of the federal cabinet committee, Prime Minister Shehbaz Sharif the ongoing discussions with the IMF were progressing smoothly and the friendly nations once again committed to assisting Pakistan during this challenging time.

“Our friendly and brotherly countries have come all the way to support us again.”

With these developments, Pakistan has now met the prerequisites to secure loans from the IMF, he maintained.

The prime minister stressed that after achieving the goal of macroeconomic stability, the government will now take measures to boost the GDP growth.

Federal Finance Minister Muhammad Aurangzeb said that all matters with the IMF have been settled amicably. He said the economy is heading towards development after stabilisation

He added a reduction in the policy rate will increase investment and business activities in the country.

 He said that the increase in economic activities will create employment opportunities and the common man has started getting relief from the trend of continuous reduction in the rate of inflation.