‘Pakistan making good progress for IMF deal approval’

Finance Minister Muhammad Aurangzeb presented the Federal Budget for 2024-2025 to the National Assembly. He mentioned that the government is hoping to secure a $7 billion loan from the IMF in September. Despite a staff-level agreement being reached, the country has not yet signed a Letter of Intent for formal approval. The IMF program is subject to approval from its executive board and confirmation of necessary financing assurances from Pakistan’s partners. Pakistan is in talks with Saudi Arabia, UAE, and China for financing. The IMF has not included Pakistan in the list of countries for loan approval until August 28, 2024. The country is working to secure external financing to meet its needs.