ISLAMABAD (PEN) : The International Monetary Fund’s (IMF) Executive Board won’t be reviewing Pakistan’s $7 billion bailout package this week. The upcoming board meetings scheduled for August 28, August 30, and September 4 won’t include the package on their agenda.
The IMF’s website confirms that Pakistan’s 37-month Extended Fund Facility (EFF), which totals around $7 billion, won’t be discussed at these meetings. This follows the staff-level agreement reached between Pakistani officials and the IMF team on July 12.
Despite this delay, the finance ministry remains optimistic that the bailout will be approved later in September. Pakistan is also working to secure $12 billion in loan rollovers from China, Saudi Arabia, and the UAE, and has requested an additional $1.2 billion loan from Saudi Arabia to help close a $2 billion financing gap.
