IMF board to 'approve' $7b bailout for Pakistan in September 

ISLAMABAD: The International Monetary Fund (IMF) Executive Board is expected to approve a $7 billion bailout package for Pakistan in September, ARY News reported.

As per details, Finance Minister Muhammad Aurangzeb said that Pakistan is in contact with the IMF for the approval of the loan agreement.

The finance minister mentioned that talks are being held with IMF to put the staff-level agreement for approval in September.

Furthermore, the minister assured that all conditions agreed upon with the IMF will be implemented, as discussed in the committee.

It is pertinent to mention here that on July 13 Pakistan and the International Monetary Fund reached a three-year, $7 billion aid package deal.

READ: Pakistan secures $7bn aid deal with IMF

The new programme, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” according to a statement.

The agreement is subject to approval by the IMF’s executive board.

“The programme aims to capitalise on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers and remove economic distortions to spur private sector-led growth,” the IMF statement said, quoting Nathan Porter, the Fund’s mission chief to Pakistan.