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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 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 after officials said the global lender's executive board would approve the loan on Wednesday, adding that Pakistan had met all the conditions set by the lender.
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 2024–25 Pakistan Federal Budget is a financial statement of the government's estimated receipts and expenditures for the fiscal year that runs from 1 July 2024 to 30 June 2025. [1] [2] On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion. [3]
Analysts say the new budget of about $68 billion — up from $50 billion last fiscal year — is aimed at qualifying for a long-term loan of $6 billion to $8 billion from the IMF to help stabilize ...
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.