Bankrupt Pakistan again extends its hand to IMF, asking for $1.3 billion in aid; decision will be taken on May 9

News Topical, Digital Desk : The upcoming date of 9 May is considered special for Pakistan. In fact, the Executive Board of the International Monetary Fund will meet on 9 May to review Pakistan's economic programs. Pakistan’s staff-level agreement for a new USD 1.3 billion arrangement under the climate change loan programme will be discussed at the International Monetary Fund’s (IMF) Executive Board meeting on May 9. At the same time, the first review of the current 7 billion US dollar bailout package is also to be done during this period. Pakistan has started preparations for this.

Pakistani Finance Minister visited America

The global lender has announced what it says will be the first review under the extended arrangement under the Extended Funding Facility (EFF), news agency PTI reported on Tuesday, citing Dawn.

Earlier, Pakistan Finance Minister Muhammad Aurangzeb said during his visit to Washington that he hoped the Executive Board of the International Monetary Fund (IMF) would approve it in early May.

Pakistan signed a $7 billion deal with the IMF

In July 2024, Pakistan had signed a deal of 7 billion dollars with the IMF. Keeping this deal in mind, a total of six reviews are to be done in 37 months. Under this, it is to be reviewed on 9 May. It is believed that if it gets approval in this meeting, then Pakistan will also be given an installment of 1 billion US dollars.

As soon as the board approves, the disbursement of the 1 billion US dollar tranche under this program will begin. The IMF program has played an important role in stabilizing Pakistan's fragile economy and boosting market confidence.

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