Pakistan misses IMF agenda for $7bln loan

ISLAMABAD: Pakistan’s eagerly awaited $7 billion bailout package is not on the International Monetary Fund (IMF) executive board’s agenda until September 6.

The board’s agenda includes discussions on seven countries, including Vietnam, Uganda, and Denmark.

A meeting regarding Pakistan is anticipated once the country fulfills the remaining preconditions.

As per sources within finance ministry, the government is optimistic about meeting the requirement of securing an additional $2 billion in external financing soon.

Efforts have intensified to roll over $12 billion in loans owed to Saudi Arabia, China, and the UAE. As confirmed by Ministry of Finance officials, Pakistan’s outstanding debts include $5 billion to Saudi Arabia, $4 billion to China, and $3 billion to the UAE.

In addition to the loan rollovers, Pakistan is seeking deferred oil payment facilities and investment from Saudi Arabia. The government continues its efforts to secure loans from international financial institutions, bilateral countries, and commercial banks.

It is important to note that Pakistan and the IMF reached a staff-level agreement on July 12.

The International Monetary Fund (IMF) delegation, led by Mission Chief Nathan Porter, visited Islamabad and held extensive negotiations from May 13 to May 23 to discuss the country’s economic improvements.

The International Monetary Fund (IMF) mission assured Pakistan of its commitment to working together for sustainable economic growth.