The International Monetary Fund (IMF) has not included Pakistan on the agenda of its upcoming Executive Board meetings which is scheduled till September 18.
The executive board meeting scheduled for September 9, 13, and 18 has been rescheduled by the IMF, according to the Fund’s website. However, the 37-month Extended Fund Facility Arrangement (EFF) of around $7 billion that Pakistan has requested is not included in the agenda.
Pakistan completed the $3 billion IMF Standby Arrangement (SBA) in the first quarter of this year, thereby building up its declining foreign exchange reserves and relieving pressure on its external accounts.
After it was finished, on July 12, the IMF team and the Pakistani government came to another staff-level agreement on a new $7 billion, 37-month EFF.
This agreement is contingent upon the Executive Board of the IMF approving it and Pakistan’s development and bilateral partners quickly confirming the requisite finance assurances.
According to reports, the administration is trying to get major allies like China, Saudi Arabia, and the United Arab Emirates (UAE) to roll over $12 billion in loans.
Pakistan is said to have asked Saudi Arabia for an extra $1.2 billion loan in order to cover a $2 billion funding shortfall.
In a televised speech last week, Finance Minister Muhammad Aurangzeb stated that Pakistan is progressing in obtaining assurances for external finance, thus the IMF Executive Board’s approval will come on schedule.
