The International Monetary Fund (IMF) has not yet included Pakistan’s $7 billion Extended Fund Facility (EFF) program in its Executive Board’s upcoming meetings, which are scheduled until September 18.
Despite Pakistan’s efforts to secure necessary financing, the agenda for board meetings on September 9, 13, and 18 remains without the country’s program, as per the IMF’s website.
Pakistan reached a staff-level agreement with the IMF on July 12, 2024 for a 37-month EFF arrangement worth $7 billion. However, this agreement still requires final approval from the IMF’s Executive Board and depends on confirmation of financing assurances from Pakistan’s development and bilateral partners.
To meet IMF conditions, Pakistan is seeking to roll over $12 billion in loans from key allies such as China, Saudi Arabia, and the United Arab Emirates (UAE). Additionally, the country has reportedly requested a $1.2 billion loan from Saudi Arabia to address a $2 billion financing gap.
Pakistan had previously completed a $3 billion Standby Arrangement (SBA) with the IMF earlier this year, aimed at stabilizing foreign exchange reserves and alleviating pressure on its external accounts.
