Washington, September 12, 2024- The International Monetary Fund (IMF) announced on Thursday that its executive board will convene on September 25 to review Pakistan’s $7 billion Extended Fund Facility (EFF). This meeting comes after Pakistan made substantial efforts to meet the IMF’s conditions, which included a 40% increase in tax revenues and higher energy prices. The country had initially aimed to finalize the agreement in August, following the IMF’s approval of the 37-month program in July.
In a press briefing, IMF spokesperson Julie Kozack confirmed the scheduled board meeting and commended Pakistan’s progress. “We are pleased to confirm that the board meeting is set for September 25,” she stated, noting that Pakistan had secured the necessary financing assurances from its development partners.
Kozack highlighted that consistent policy actions had helped stabilize Pakistan’s economy, resulting in renewed growth, lower inflation, and improved international reserves. When asked about Pakistan’s financing situation, she confirmed that the country had indeed secured the required funds.
Earlier, Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, announced that more than $2 billion in external financing had been secured from lenders outside of the IMF, removing the final obstacle for the loan’s approval. He shared this update during a briefing with analysts following the SBP’s recent policy rate cut.
