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New loan, IMF approves Pakistan’s request

Web Desk: In a major development on the new loan program between Pakistan and the International Monetary Fund, the IMF approved Pakistan’s request for a new bailout package of $6-8 billion.
According to sources, the new loan program from the IMF is likely to be for a period of more than three years.
The proposed bailout package includes an expansionary fund facility and funding for climate financing.
The IMF delegation will arrive in Pakistan next month for negotiations on the new loan program, the negotiations will be on the new loan program and the budget proposal for the next financial year.
Pakistan made 2 requests to the IMF, the Extended Fund Facility request was approved.
On the second request, the mission will review during its visit to Pakistan, Pakistan will be able to borrow about $6 billion under the Extended Fund Facility.
During the meeting with the World Bank’s Regional Vice President for South Asia, Martin Riser, the Finance Minister expressed satisfaction with the finalization of the Country Partnership Framework.
In Washington, Federal Finance Minister Mohammad Aurangzeb has said in an interview to a Turkish TV channel that Pakistan wants a large and long-term bailout program of the IMF. Discussions are ongoing with IMF officials. There is a program not of F but of Pakistan which is being supported, assisted and financed by the IMF. Included.
Later, the President of Asia Infrastructure Investment Bank Jin Lee Kun met with the Federal Finance Minister Muhammad Aurangzeb and discussed the possibilities of promoting mutual cooperation in the development of infrastructure of the basic sector including the economic priorities of Pakistan.
The finance minister told Jin Liqun that Pakistan is willing to go into a bigger and broader program with the IMF to further consolidate the economic growth achieved under the SBA.
The Finance Minister also met the World Bank’s Regional Vice President for South Asia, Mr. Martin Riser.
On the sidelines of the meeting, the Finance Minister expressed satisfaction that the new Country Partnership Framework will be finalized soon.

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– 2024-04-22 10:46:48

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