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Islamabad, Pakistan – In a surprising move, the International Monetary Fund has released its executive board meeting schedule, omitting Pakistan’s crucial funding request. The schedule, which includes meetings on September 9, 13, and 18, does not include Pakistan’s $7 billion loan program, leaving the country’s economic fate uncertain.
Read Also: IMF Deadline Miss: Pakistan Economy Turns to Commercial Banks for High-Interest Loan
Pakistan had reached a 37-month loan agreement in July, aimed at stabilizing its economy and promoting sustainable growth. However, the IMF’s executive board validation is essential for Pakistan to secure the loan, and the omission from the meeting schedule has raised concerns.
The IMF’s mission chief to Pakistan, Nathan Porter, had emphasized the program’s objectives, including strengthening public finances, curbing inflation, and fostering private sector growth. However, with Pakistan’s economic situation precarious, the delay in securing the loan has sparked worries.
Meanwhile, Pakistan’s government is scrambling to secure a $12 billion loan rollover from key allies, including China, Saudi Arabia, and the UAE, to mitigate its economic woes. The country’s economic stability hangs in the balance, and the IMF’s decision has added to the uncertainty.