The International Monetary Fund (IMF) has published its executive board meeting schedule through September 18, 2024, and Pakistan is notably absent from the agenda. Despite the country’s urgent need for external financial assistance to stabilize its economy, Pakistan’s 37-month Extended Fund Facility (EFF) arrangement, valued at approximately $7 billion, is not slated for discussion during the board’s upcoming meetings on September 9, 13, and 18.
In July, Pakistan and the IMF reached an agreement on this loan program, which requires approval from the IMF’s Executive Board. This program is intended to reinforce macroeconomic stability and foster stronger, more inclusive growth, as stated by the IMF. According to Nathan Porter, the IMF’s mission chief to Pakistan, the program is designed to build on the stability achieved over the past year by enhancing public finances, curbing inflation, rebuilding external reserves, and eliminating economic distortions to promote private sector growth.
Additionally, the Pakistani government is reportedly working to secure a rollover of $12 billion in loans from major allies such as China, Saudi Arabia, and the United Arab Emirates (UAE).
