IMF, Pakistan Discuss New Loan Program

IMF, Pakistan Discuss New Loan Program

By: Communicators - Business Team (July 13, 2024)

The International Monetary Fund (IMF) and Pakistan are continuing discussions on policy goals and actions that could form the basis of a medium-term home-grown reform program under the Extended Fund Facility (EFF) arrangement. Julie Kozack, Director of the Communications Department at the IMF, highlighted this during a press briefing.

Kozack mentioned that the reform program aims to enhance economic credibility through the implementation of sound policies and transition Pakistan from economic stabilization to robust, inclusive, and resilient growth. These efforts are essential to improving the living standards of the Pakistani people.

Regarding the recent mission to Pakistan from May 13 to May 23, Kozack confirmed that the IMF staff visited Islamabad to engage in these discussions. She also noted that talks concerning prior actions and the 2024-25 budget are ongoing, with more information to be communicated in due course. The 2023 Stand-by Arrangement (SBA) for Pakistan was designed to restore stability, with the goal now being to maintain and expand that stability to foster sustainable growth.