ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are nearing the finalization of a crucial agreement on a new $8 billion bailout package, expected to be concluded this month.
Officials from the Ministry of Finance have reported progress in negotiations, emphasizing the government’s commitment to implementing reforms outlined in the new budget.
Minister of State for Finance, Ali Pervez Malik, expressed optimism about reaching an agreement with the IMF by July.
The proposed three-year bailout package aims to bolster Pakistan’s economic stability with funding ranging between $6 to $8 billion.
However, the acquisition of this new debt hinges on approval from the IMF Executive Board, which will review the agreement following a potential staff-level accord.
The Ministry of Finance stressed Pakistan’s determination to continue economic reforms aligned with IMF recommendations, highlighting the significance of securing financial support to effectively navigate current economic challenges.
Read more: Pakistan and Tajikistan Sign Strategic Partnership Agreement
