The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on Wednesday to consider the approval of a US$ 7 billion loan program for Pakistan.
It is worth noting that Pakistan and the IMF had agreed on an Extended Fund Facility (EFF) loan program on July 12, 2024.
The approval of the loan would improve Pakistan’s economy and foreign exchange reserves, reduce payment pressures, and aid in stabilizing the economy. Pakistan will also need to increase tax revenue for economic stability.
Earlier on Tuesday, while addressing a CPEC Seminar via video link, the Federal Minister of Finance Muhammad Aurangzeb expressed optimism that the US$ 7 billion loan program would be approved in the IMF Board Meeting.
The finance minister mentioned that the policy rate is decreasing, investor confidence is growing, and government measures are helping reduce inflation. Both inflation and interest rates have shown a downward trend, he added.
Muhammad Aurangzeb also said that the second phase of China Pakistan Economic Corridor (CPEC) is about to begin.
The first phase of CPEC focused on infrastructure and energy while CPEC Phase II is centered on the monetization of infrastructure.
A strong foundation has been laid for economic stability, and the private sector has the capability to boost the Country’s economy, the minister said.
 is scheduled to meet on Wednesday to consider the approval of a US$ 7 billion loan program for Pakistan.){kind=link}