IMF board likely to approve Pakistan’s $7bn EFF program today

ISLAMABAD: The International Monetary Fund (IMF) Executive Board is all set to consider Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of about $7 billion today (Wednesday).

According to the Fund’s Executive Board’s calendar available on its website, the Board would consider “Pakistan – 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility”.

Finance Minister Muhammad Aurangzeb said the IMF board is likely to approve the program during today’s meeting.

The finance minister expressed optimism, stating that the policy rate has been lowered and investor confidence is on the rise. He also highlighted that government measures are helping to reduce inflation.

“Both inflation and interest rates have decreased,” remarked Finance Minister Aurangzeb, adding that the second phase of the China-Pakistan Economic Corridor (CPEC) is set to begin in Pakistan.

He explained that while the first phase of CPEC focused on infrastructure development, the second phase will prioritize the monetization of this infrastructure. The minister said that strong foundations have been laid for economic stability, and the private sector has the potential to drive the country’s economic growth.

Pakistan finance minister described the situation with Current Account as very encouraging and noted the surplus of $75 million achieved in August. He hoped that with softer oil prices, a softer dollar and an aggressive rate cut which had already been reduced by 450bps, the current account situation would continue to be in a good position.

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