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On 30 June 2023, the IMF and Pakistan reached an agreement at the staff level for a stand-by arrangement worth $3 billion. This agreement came at a critical time for Pakistan, as it was facing the risk of defaulting on its financial obligations. [9] In July 2024, Pakistan reached a staff-level agreement for a new US$7 billion loan deal with the ...
The IMF has opened discussions with Pakistan on a new loan programme after Islamabad last month completed a short-term $3 billion programme, which helped stave off a sovereign debt default.
He thanked Kristalina Georgieva, the head of the IMF and her team, for the approval. Islamabad expects to receive the first installment of the loan soon, though its exact date was not immediately known. The development comes more than two months after the IMF reached a staff-level agreement with Pakistan for the new loan. It also came a day ...
Thursday's announcement comes two months after the IMF said it had reached a staff-level agreement with Pakistan for the new $7 billion loan deal. Pakistan is currently facing one of its worst economic crises and Sharif has expressed hope that the country would be able to reduce its reliance on foreign loans in the years to come.
The deal comes after the IMF mission held five days of talks with Pakistani officials to review the fiscal benchmarks set for the loan. "Pakistan's economic and financial position has improved in ...
The IMF staff continues a dialogue with authorities on needed longer-term refo ... 2024 at 1:54 PM ... -Pakistan plans to seek a new loan of at least $6 billion from the International Monetary ...
The IMF is seeking to fund its program and secure $7 billion for debt repayment, current account deficit financing, and increasing foreign exchange reserves. The talks between Pakistan and the IMF were delayed due to concerns over the credibility of the government's assurances and the reliability of foreign loans.
The South Asian country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger ...