ISLAMABAD – Pakistan’s much-needed $7 billion bailout package has not been included in the International Monetary Fund’s (IMF) Executive Board meeting agenda until September 13.
It means there is more delay in approval of the loan package as the South Asian country is striving to fulfill the conditions of the global lender.
The IMF Executive Board has released the calendar for additional meetings scheduled for September 9 and 13.
The international financial institution will discuss Bhutan’s case in September 9 meeting while the Norway’s case would be discussed on September.
In July, International Monetary Fund and Pakistan have reached a staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion. This agreement is subject to approval by the IMF’s Executive Board.
According to the international lender, the new program aims to support Pakistani authorities’ efforts to cement macroeconomic stability and create conditions for a stronger, more inclusive, and resilient growth. This includes steps to strengthen fiscal and monetary policy and reforms to broaden the tax base, improve State Owned Enterprises’ (SOE) management, strengthen competition, secure a level playing field for investment, enhance human capital, and scale up social protection through increased generosity and coverage in the Benazir Income Support Program (BISP).
The IMF further emphasized that continued strong financial support from Pakistan’s development and bilateral partners would be critical for the program to achieve its objectives.
