NEW YORK (Agencies) : The International Monetary Fund (IMF) on Thursday confirmed that the Fund’s board will meet on September 25 to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan.
Addressing a press briefing on Thursday, IMF’s spokesperson Julie Kozack said that the Fund had reached a staff-level agreement with Pakistan on the EFF in July. “We are very happy that we can say now that the board meeting is scheduled to take place on September 25,” she said.
“This is following Pakistan obtaining the necessary financing assurances from its development partners. The new EFF arrangement… follows the successful implementation of the 2023 nine-month standby arrangement.” She added that consistent policymaking has supported economic stability in Pakistan, most notably a resumption of growth, significant disinflation, and a significant increase in the country’s international reserves.
Asked if Pakistan has received those assurances, she responded, “Yes.” Responding to the development, Finance Minister Muhammad Aurangzeb expressed gratitude to those involved in the negotiations. In a statement from the finance ministry, Aurangzeb said, “By the grace of God, all matters with the IMF have been settled amicably.”
He expressed gratitude to Prime Minister Shehbaz Sharif’s team, the IMF negotiators, and the relevant institutions. “These matters will be finalised in the meeting of the board of IMF this month,” Aurangzeb said. “The economy is moving towards growth after stabilisation.”
The finance minister added that the reduction in the policy rate will “increase investment and business activities in the country”. “Increasing economic activities will create employment opportunities,” Aurangzeb stated. “The common man has started getting relief from the trend of continuous reduction in the rate of inflation.”
