Islamabad (Web Desk): The International Monetary Fund (IMF) confirmed on Thursday that its executive board will meet on September 25 to discuss Pakistan’s $7 billion Extended Fund Facility (EFF), IMF spokesperson Julie Kozack confirmed.
IMF spokesperson Julie Kozack announced the meeting during a press briefing on Thursday.
“We are happy to announce that the board meeting is scheduled for September 25,” she said, adding that Pakistan had obtained the required financing assurances from development partners.
The announcement follows Pakistan’s efforts to meet the lender’s conditions, including raising tax revenue by 40% and increasing energy prices. The country initially expected to secure the deal in August after the IMF approved the 37-month programme in July.
Kozack said that consistent policy measures have helped stabilize Pakistan’s economy, leading to resumed growth, disinflation, and an increase in international reserves. When asked if Pakistan had secured the necessary financing, she confirmed, “Yes.”
Earlier, State Bank of Pakistan (SBP) Governor Jameel Ahmad stated that over $2 billion in external financing had been arranged from lenders other than the IMF, clearing the “final hurdle” for the loan. He made these remarks during an analyst briefing after the SBP’s decision to cut the policy rate.
Prime Minister Shehbaz Sharif also spoke about the progress of IMF negotiations during a federal cabinet meeting, thanking friendly nations for their support and expressing a desire to reduce the country’s reliance on loans.