imf is prepared to initiate a fresh loan program with Pakistan, according to Julie

By Asif Ali Awan

| Published Apr 05, 2024 | 10:31 a.m.

The International Monetary Fund (IMF) has signaled its interest in engaging with Pakistan for a potential new loan program.

Julie Kozack, the IMF's Director of Communications, stated during a monthly press briefing that IMF authorities have shown interest in pursuing a follow-up IMF-supported program. This program aims to address Pakistan's fiscal and external stability challenges while establishing a foundation for inclusive growth.

Kozack affirmed the IMF's r

eadiness to enter into discussions regarding the program in the upcoming months.

During a press briefing in Washington, Kozack remarked, "Pakistan and the IMF reached a staff-level deal on March 19. The economic situation in Pakistan has seen improvement." She mentioned that Pakistan is set to receive a total of $3 billion under the standby arrangement.

Kozack commended the efforts of the Pakistani government in stabilizing the economy, noting that the country has already secured $1.9 billion.

Last month, the IMF and Pakistan reached a staff-level agreement on the final review of a $3 billion bailout package. This agreement followed a week-long visit by the IMF team to Islamabad, which concluded on March 19.

The IMF acknowledged Pakistan's central bank and outgoing caretaker government for their "strong program implementation" and expressed hope that the new government would continue efforts to stabilize the economy.