ISLAMABAD (PEN) : The International Monetary Fund (IMF) has yet to include Pakistan’s $7 billion Extended Fund Facility (EFF) program in the agenda for its upcoming Executive Board meetings scheduled until September 18.
Despite Pakistan’s ongoing efforts to secure the needed financing, the program has not been listed for discussion in the meetings on September 9, 13, and 18, according to the IMF’s website.
On July 12, 2024, Pakistan and the IMF reached a staff-level agreement for a 37-month EFF arrangement worth $7 billion. However, this agreement still needs final approval from the IMF’s Executive Board and is contingent on securing financing assurances from Pakistan’s development and bilateral partners.
To meet the IMF’s requirements, Pakistan is working to roll over $12 billion in loans from major allies, including China, Saudi Arabia, and the United Arab Emirates (UAE). Additionally, the country has requested a $1.2 billion loan from Saudi Arabia to help bridge a $2 billion financing gap.
Earlier this year, Pakistan successfully completed a $3 billion Standby Arrangement (SBA) with the IMF, which aimed to stabilize foreign exchange reserves and ease pressure on its external accounts.