ISLAMABAD: An economic delegation led by Finance Minister Muhammad Aurangzeb has embarked on a journey to Washington on Sunday to engage in negotiations with the International Monetary Fund (IMF) for a new bailout package.
Scheduled for next week, the talks between Pakistan and the IMF aim to secure approval from the global lender for a fresh loan program. Following the executive board meeting, negotiations for the new loan program are expected to proceed, with the finance minister scheduled to meet with the IMF managing director later in Washington.
In addition to their discussions with the International Monetary Fund, the delegation plans to engage with officials from the World Bank and other pertinent institutions.
Before his departure for the United States, Aurangzeb briefed Prime Minister Shehbaz Sharif on April 12 regarding his recent meetings with officials from the IMF, World Bank, and other key institutions. The discussions primarily focused on analyzing and addressing the country’s overall economic situation.
IMF chief Kristalina Georgieva confirmed on April 11 that Pakistan was in active discussions with the Fund regarding a potential follow-up program to its nine-month, $3 billion Stand-By Arrangement (SBA). Georgieva emphasized that Pakistan was making strides in completing its existing program with the IMF, with visible signs of economic improvement, including the replenishment of reserves.
Georgieva also underscored that while Pakistan was considering a follow-up program with the IMF, there were still crucial issues that the country needed to address to sustain its ongoing economic recovery.
The proactive approach taken by Pakistan’s economic delegation underscores the nation’s commitment to securing vital financial support and charting a stable economic path forward amidst ongoing challenges.
