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IMF Executive Board Meeting Today, likely to approve $1.17 billion loan for Pakistan

IMF Executive Board will meet today on August 29, 2022, in Washington to resume the loan program of $1.17 billion for Pakistan.

After the seventh and eighth reviews, if the staff level agreement is approved, the IMF loan program will be revived by issuing a loan of $1.17 billion to Pakistan immediately.

Pakistan has requested a one-year extension in the program’s duration along with the $1 billion increase in the loan amount. The board will further consider and examine Pakistan’s request to exempt some of the targets set by IMF.

It should be noted that Pakistan continuous efforts are being made by Pakistan Government to restore the program.  Two weeks ago, the International Monetary Fund (IMF) had issued a letter of intent to Pakistan.

Speaking to the media in Islamabad, Miftah Ismail said that the LOI was sent to the IMF after being signed by the concerned authorities and that IMF sent it back to the country on August 12 after agreeing to the letter.  After the approval of IMF loan, it is hoped that friendly countries will invest in Pakistan which will lead to economic growth.

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