PM Shehbaz confirms IMF deal in final stages

Prime Minister Shehbaz Sharif is all set to meet the chiefs of the International Monetary Fund and the World Bank today (Wednesday) when the IMF board will consider Pakistan’s application for an extended loan facility.

PM Shehbaz had recently expressed optimism, stating there will be a finalization of the new package after discussing it today.

Shehbaz thanked friendly nations and claimed that it will not be possible without their “prime support”, which encouraged the IMF to convene the board meeting.

Later today, he is expected to meet with the IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga in New York on the sidelines of the United Nations General Assembly.

Earlier this month, IMF Director of Strategic Communications Julie Kozack told reporters in Washington that the Fund had scheduled the board meeting after receiving commitments that “Pakistan is securing necessary financing from its development partners.”

Pakistani officials involved in the country’s financial dealing have played down any notion that the loan agreement may be in trouble, stressing the importance of these high-level talks.

The $7 billion loan deal, reached in July, is still pending the formal approval of the IMF executive board.

One of the major conditions that the IMF had put for the new loan package was that Pakistan get bilateral funding for eligibility.