LAHORE: PakistanIts finance minister said late on Thursday that a staffing agreement for a key bailout deal with International Monetary Fund was “very close” and expected in the next 24 hours.
Islamic is racing against time to unlock at least $1.1 billion under the lender’s ninth review of the $6.5 billion Expanded Fund Facility agreed in 2019. The program will expire on Friday.
“We are very close to signing an employee-level agreement with IMF,” Minister Ishaq Dar told Reuters.
“I think it’ll arrive tonight or within 24 hours at the most… We’ve got everything done.”
An IMF representative in Pakistan did not immediately respond to a request for comment.
The deal, which will be approved by the IMF board, has faced an eight-month delay.
The funds under discussion will provide some respite for Pakistan, which is battling a severe balance of payments crisis and dwindling foreign exchange reserves. A total of $4 billion was issued. Dar earlier said the government was working on a mechanism to try to disburse the full $2.5 billion pending under the IMF program, exceeding the expected $1.1 billion. in the ninth review being discussed.
It is unclear what part of the funds will be released in the announcement he expects in the next 24 hours.
Islamic is racing against time to unlock at least $1.1 billion under the lender’s ninth review of the $6.5 billion Expanded Fund Facility agreed in 2019. The program will expire on Friday.
“We are very close to signing an employee-level agreement with IMF,” Minister Ishaq Dar told Reuters.
“I think it’ll arrive tonight or within 24 hours at the most… We’ve got everything done.”
An IMF representative in Pakistan did not immediately respond to a request for comment.
The deal, which will be approved by the IMF board, has faced an eight-month delay.
The funds under discussion will provide some respite for Pakistan, which is battling a severe balance of payments crisis and dwindling foreign exchange reserves. A total of $4 billion was issued. Dar earlier said the government was working on a mechanism to try to disburse the full $2.5 billion pending under the IMF program, exceeding the expected $1.1 billion. in the ninth review being discussed.
It is unclear what part of the funds will be released in the announcement he expects in the next 24 hours.
