Pakistan awaits IMF nod to much-needed $7bn loan with bated breath
Business
IMF is expected to decide on Pakistan's plea in its today's board meeting
Shehbaz Sharif is expected to meet heads of the International Monetary Fund (IMF) and the World Bank on Wednesday
IMF announced that its board would meet on Sept 25 to discuss EFF for Pakistan
LAHORE (Web Desk) – The Pakistan government is optimistic that the International Monetary Fund (IMF) will greenlight the much-awaited $7 billion Extended Fund Facility (EFF) in its today's (Sept 25) board meeting.
The optimism has been expressed by Prime Minister Shehbaz Sharif who, while speaking on the sidelines of the UNGA, claimed that the friendly countries had helped Pakistan meet requirements necessary to secure a bailout by the IMF.
Shehbaz Sharif is expected to meet the heads of the International Monetary Fund (IMF) and the World Bank on Wednesday - hours before the lender’s board is scheduled to take up Pakistan’s request for the loan facility.
Earlier, the prime minister told media after a meeting with Turk President Tayyip Erdogan that Islamabad had met strict conditions of the IMF and hoped that it would get fiscal assistance to stabilise the country’s economy.
PAKISTAN SANGUINE ABOUT DEAL
On Tuesday, Finance Minister Muhammad Aurangzeb expressed optimism about approval of the $7 billion Extended Fund Facility (EFF) by the International Monetary Fund (IMF) in its today's meeting.
The IMF announced that its board would meet on Sept 25 to discuss the EFF for Pakistan.
Addressing a seminar on "CPEC Phase-two and the region" in Lahore via video link, the finance minister said the confidence of investors in the country had increased.
He said phase one of the China-Pakistan Economic Corridor (CPEC) focused on infrastructure development while phase two would now focus on the monetisation of phase one and was set to commence.
Aurangzeb said the private sector had the potential to drive the country's economic growth. The foreign investment in the country was increasing, he added.
He reaffirmed the government's commitment to providing favourable conditions for investors from China and Saudi Arabia and expressed optimism about the success of the IMF programme.
A few days earlier, the finance minister claimed that all matters with the International Monetary Fund (IMF) had been resolved.
In a statement, the minister said Pakistan was moving towards development after achieving economic stability.
The finance minister expressed gratitude for Prime Minister Muhammad Shehbaz Sharif's team, the IMF negotiating team, and other key institutions for their crucial role in making the upcoming IMF deal possible.
IMF CONFIRMATION
IMF Director Communications Julie Kozack said back then that the board meeting to approve Pakistan's loan programme would be held on Sept 25.
