Pakistan is poised to secure a crucial loan package from the International Monetary Fund (IMF) worth $6-8 billion, according to sources. The Prime Minister’s Office is set to engage with the global lender to finalize a staff-level agreement, with Pakistan pushing for the higher end of the range and the IMF currently agreeing to $6.5 billion. This development comes nearly a month after Pakistan presented a budget for 2024-25 that incorporated various measures dictated by the IMF.
The loan is critical for Pakistan to avoid a debt default, and the government has been in constant communication with IMF officials over the past three days. The authorities have emphasized their commitment to implementing the IMF’s suggestions, as evident in the recent budget. The finance minister had earlier confirmed that Pakistan was negotiating a three-year loan program with the IMF worth $6-8 billion. The loan package is expected to be finalized within two weeks, providing much-needed relief to Pakistan’s struggling economy.
