Pakistan Reaches Staff-Level Agreement with IMF: Finance Minister

Federal Finance Minister Senator Muhammad Aurangzeb says that Pakistan has completed a staff-level agreement with the International Monetary Fund (IMF), and its approval from the Executive Board is expected soon, after which the next installment will be released.

During a meeting with representatives of S&P Global Ratings, the Finance Minister discussed Pakistan’s economic recovery and return to global financial markets.

He said that Pakistan has completed a staff-level agreement with the IMF, and its approval from the Executive Board is expected soon, after which the next tranche will be released.

He said that Pakistan has successfully repaid a $1.4 billion Eurobond this month. The Finance Minister also mentioned Saudi Arabia’s additional financial assistance of $3 billion and an extension of the deposit period of $5 billion until 2028. The additional financial assistance and extension of the deposit period will further strengthen the external financial position.

The Finance Minister also highlighted Pakistan’s medium-term fiscal strategy in the meeting and said that Pakistan’s improving economic indicators and the pace of reforms provide a strong foundation for improving the country’s rating.