Pakistan agrees IMF's conditions to secure a new $7 billion loan

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ISLAMABAD, 13 September 2024 (TON): Pakistan has met all the conditions set by the International Monetary Fund (IMF) to qualify for a new US $ 7 billion loan to support its economy. Pakistan Prime Minister's office confirmed on Friday that Islamabad has met all the conditions set by the IMF to qualify for a new US $ 7 billion loan to recover the economy.

During a Cabinet meeting, Prime Minister Shabaz Sharif on Thursday praised his finance team for complying with the requirements set by the IMF, which as per IMF spokesperson Julie Kozack is expected to be signed after a formal approval to the loan on 25 September 2024, when the board of executive directors is scheduled to meet.

The IMF had set conditions that Pakistan has to broaden the country's tax base and eliminate energy subsidies, a demand Sharif's government has already implemented.

The development came after a successful implementation of issues reached at the IMF's staff-level agreement with Pakistan for the new $7 billion loan deal.

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