Pakistan fails to meet IMF preconditions

According to media reports within the Ministry of Finance, the IMF Executive Board’s schedule, released up to September 6, includes the agendas of seven countries, including Vietnam, Uganda, and Denmark, but does not yet feature Pakistan.

Officials indicate that a board meeting specifically related to Pakistan could be convened soon, contingent on the country fulfilling the necessary preconditions, particularly the securing of an additional $2 billion in external financing. The Finance Ministry remains optimistic that this condition will be met in the near future.

Furthermore, Pakistan is actively engaging with key allies -- Saudi Arabia, China, and the United Arab Emirates (UAE) -- to roll over approximately $12 billion in debt. The nation owes $5 billion to Saudi Arabia, $4 billion to China, and $3 billion to the UAE.

These efforts are critical as Pakistan seeks to stabilize its economy and secure the IMF’s financial assistance.

In addition to debt rollovers, Pakistan is negotiating with Saudi Arabia for an oil loan facility and further investment. Concurrently, efforts to secure additional funds from international financial institutions, bilateral agreements, and commercial banks are ongoing.

The staff-level agreement between Pakistan and the IMF was signed on July 12, marking a significant step towards the bailout, but the final disbursement hinges on the fulfilment of the agreed conditions.

As Pakistan races against time to meet these demands, the government remains in urgent negotiations to ensure the much-needed financial lifeline is secured.

SuchTV, 28 Aug, 2024 Visit to News Source Webpage

Pakistan fails to meet IMF preconditions

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