Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
Washington (Newsdesk) The Executive Board of the International Monetary Fund (IMF) will be held on Wednesday (today). The meeting is expected to consider about $7 billion for extending Pakistan’s funds for 37 months.
According to the Executive Board’s calendar on the International Monetary Fund’s website, the Board will consider “Pakistan’s 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility”.
This new 37-month bailout program marks Pakistan’s 24th IMF aid package With approval, Pakistan will also be eligible to receive funds from other international organizations and countries.
Pakistani officials and the IMF team reached a staff-level agreement on 12 July on a 37-month EFF in an amount equal to 5,320 million SDR (or about US$7 billion).
The agreement was subject to IMF Executive Board approval and timely confirmation of the necessary financial security from Pakistan’s development and bilateral partners.
Officials revealed that Pakistan has fulfilled all the preconditions and there is a high probability that the IMF Executive Board will approve the 37-month EFF of about $7 billion.
China, Saudi Arabia, UAE and Kuwait have also provided significant support by deferring Pakistan’s debt payments for one year.
The price of gold in Pakistan has increased sharply, reaching 2 lakh 80 thousand 450
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://dailyausaf.com/pakistan/2024/09/25/62006/
