Pakistan 'hopes to secure' fresh IMF loan program in July

ISLAMABAD: The International Monetary Fund (IMF) has expressed satisfaction with the recent measures taken by the Pakistan government, paving the way for a new loan program, ARY News reported on Monday, citing finance ministry sources.

As per details, Pakistan hopes to secure a new IMF loan program in July as the budget 2024-25 prepared under IMF conditions has also been approved, fulfilling one of the major requirements set by the international lender.

Sources indicate that the government is continuing to meet other conditions set by the IMF. Work is underway to increase the basic electricity tariff in light of NEPRA’s decision, with the new rates expected to be implemented in July.

Timely implementation of monthly and quarterly electricity adjustments is also being carried out.

Finance ministry officials anticipate that an agreement for the new loan program will be finalized in July. The new program is expected to range between $6 billion and $8 billion, although the exact amount has yet to be finalized.

The new loan program with the IMF is projected to span three years.

The National Assembly (NA) on July 28 approved the Federal Budget for the fiscal year 2024-25 with a total outlay of Rs18,870 billion.