Finance Minister Muhammad Aurangzeb is hoping that Pakistan’s case would be presented at the September International Monetary Fund (IMF) board meeting.
During a meeting of the Senate’s Standing Committee on Finance on Wednesday, chaired by Saleem Mandviwalla, the finance czar clarified recent media reports regarding the IMF programme.
The International Monetary Fund’s (IMF) decision to postpone the approval of the $7 billion bailout package has called into question Pakistan’s leaning towards the West and also put the credibility of its policymakers at stake.
The IMF board’s meeting was conditional to giving credible assurances for meeting the $26.4 billion external debt repayment requirements for this fiscal year, which the government could not secure within the due time, according to government officials.
In the session on Wednesday, Minister Aurangzeb stated that negotiations with the IMF are progressing positively, and it is anticipated that Pakistan’s case will be presented at the September board meeting. The minister further mentioned that the IMF has set certain conditions, including the approval of the Deposit Protection Amendment Bill before October. The bill will be presented to Parliament next week, following the committee’s recommendation. The government was hopeful to receive the stamp of approval by the Executive Board of the IMF on August 30th for the $7 billion Extended Fund Facility (EFF).
