The International Monetary Fund (IMF) on Thursday confirmed that the Fund\u2019s board will meet on September 25 to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan. Pakistan expected to secure a deal with the Fund in August after the lender approved the 37-month programme agreed upon in July. The country also raised its tax revenue target by a record 40 per cent and hiked energy prices to meet the global lender\u2019s demands. The country also completed its previous $3 billion loan programme in April and secured a credit rating upgrade from both Moody\u2019s Ratings and Fitch Ratings late last month. Addressing a press briefing today, IMF\u2019s spokesperson Julie Kozack said that the Fund had reached a staff-level agreement with Pakistan on the EFF in July. \u201cWe are very happy that we can say now that the board meeting is scheduled to take place on September 25,\u201d she said. \u201cThis is following Pakistan obtaining the necessary financing assurances from its development partners. The new EFF arrangement\u2026 follows the successful implementation of the 2023 nine-month standby arrangement.\u201d 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\u2019s international reserves. Asked if Pakistan has received those assurances, she responded, \u201cYes.\u201d 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, \u201cBy the grace of God, all matters with the IMF have been settled amicably.\u201d He expressed gratitude to Prime Minister Shehbaz Sharif\u2019s team, the IMF negotiators, and the relevant institutions. \u201cThese matters will be finalised in the meeting of the board of IMF this month,\u201d Aurangzeb said. \u201cThe economy is moving towards growth after stabilisation.\u201d The finance minister added that the reduction in the policy rate will \u201cincrease investment and business activities in the country\u201d. \u201cIncreasing economic activities will create employment opportunities,\u201d Aurangzeb stated. \u201cThe common man has started getting relief from the trend of continuous reduction in the rate of inflation.\u201d The State Bank (SBP) Governor Jameel Ahmad had earlier said that the country arranged over $2 billion in financing from lenders other than the IMF, adding that the external financing was seen as the \u201cfinal hurdle\u201d for the loan, according to a report published by Bloomberg today. The SBP governor made these remarks at an analyst briefing after announcing the slashed policy rate on Thursday. \u201cAll those assurances and external financing have already been arranged by the government and I don\u2019t see any further hurdle now in taking our case to the board,\u201d said Ahmad. Prime Minister Shehbaz Sharif, while addressing a meeting of the federal cabinet earlier in the day, had said that negotiations with the IMF were \u201cprogressing positively\u201d, the state broadcaster, Radio Pakistan reported. The prime minister also thanked friendly countries for \u201coverwhelmingly supporting Pakistan\u201d, the report said, adding that he also stressed the need to rid the country of the loans and put it on its own feet.<\/p>\n","protected":false},"excerpt":{"rendered":"
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