Pakistan to Secure Extended IMF Programme by September 25

Finance Minister Muhammad Aurangzeb has announced that Pakistan is on track to secure an extended agreement with the International Monetary Fund (IMF) by September 25, according to a report from private new channel on Sunday.

Speaking at the 21st Annual Excellence Awards of the CFA Society of Pakistan, Aurangzeb expressed optimism that this could potentially be Pakistan’s final IMF programme. However, he warned that failure to maintain essential reforms might lead to a future 25th programme. His remarks come after Islamabad’s $7 billion, 37-month loan agreement with the IMF in July. The continuation of this bailout package depends on approval from the IMF’s executive board, which is scheduled to meet on September 25, with Pakistan’s case on the agenda.

Pakistan was required to secure $2 billion in external financing from bilateral and commercial lenders to meet the conditions for the IMF board’s approval.

Aurangzeb also pointed out that Pakistan currently owes $5 billion in cash deposits to Saudi Arabia, along with $4 billion and $3 billion from China and the UAE, respectively.

Stressing the need for macroeconomic stability, Aurangzeb acknowledged that Pakistan has experimented with different economic approaches over the years, but none have achieved the desired results.

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