Blended finance boosts private investments in logistics, port, and airport management: Finance Minister    CCCPA Director highlights Aswan Forum's takeaways, climate change initiative at Summit for the Future    Islamic Arts Biennale returns: Over 30 global institutions join for expansive second edition    Pakistan PM calls for developed nations to help developing countries escape debt traps    China's c. bank cuts interest rates to banks    Taiwan lifts restrictions on Fukushima food    EU provides €1.2m aid to Typhoon-hit Myanmar    OECD: Global economy improves as inflation declines, trade growth strengthens    Mazaya Developments expands regional operation with new branch in Saudi Arabia    Philippines targets 1,200 MW of N. power by '32    Arqa Development opens early booking for its latest project in West Cairo    Egypt's gold prices reach new highs on Wednesday    WB approves $80m to boost Cambodia's higher education    Egypt chairs for the second year in a row the UN Friends Alliance to eliminate hepatitis c    President Al-Sisi reviews South Sinai development strategy, including 'Great Transfiguration' project    Egypt's FM calls for ceasefire in Gaza at Japan-Egypt-Jordan trilateral ministerial consultations    Egypt Healthcare Authority, Roche forge strategic partnership to enhance cancer care, eye disease treatment    Kabaddi: Ancient Indian sport gaining popularity in Egypt    Spanish puppet group performs 'Error 404' show at Alexandria Theatre Festival    Ecuador's drought forces further power cuts    Al-Sisi orders sports system overhaul after Paris Olympics    Basketball Africa League Future Pros returns for 2nd season    Culture Minister directs opening of "Islamic Pottery Museum" to the public on 15 October    Egypt joins Africa's FEDA    Egypt awards ZeroCarbon solid waste management contract in Gharbia    Egypt, UN partner on $14-m coral reef protection project    Egypt condemns Ethiopia's unilateral approach to GERD filling in letter to UNSC    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Egypt's FM, Kenya's PM discuss strengthening bilateral ties, shared interests    Paris Olympics opening draws record viewers    Former Egyptian Intelligence Chief El-Tohamy Dies at 77    Who leads the economic portfolios in Egypt's new Cabinet?    Financial literacy becomes extremely important – EGX official    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Pakistan strives to fulfil IMF conditions for loan programme
Published in Amwal Al Ghad on 03 - 09 - 2024

Pakistan's Prime Minister Shehbaz Sharif announced on Tuesday that his government is actively working to implement the conditions set forth by the International Monetary Fund (IMF) to complete the country's loan programme.
Sharif expressed hope that this would be Pakistan's final IMF programme. On July 12, Pakistan signed a staff-level agreement with the IMF for a new $7 billion program spanning 37 months.
However, the programme's approval by the IMF's executive board remains pending, contingent upon confirmation of financing assurances from development and bilateral partners.
Sharif emphasised that Pakistan is committed to fulfilling all the IMF's conditionalities. He stated that upon board approval, the country would enter a "new phase" and anticipated this to be the last IMF programme it would need to undertake.
Local media reports suggest that Pakistan's IMF approval has been delayed due to a lack of additional financing and unpaid energy sector subsidies announced by Punjab and the federal government.
Punjab Information Minister Azma Bukhari stated that the federal government and the IMF had not reached out to the province regarding the electricity subsidy. She emphasised that no official statement had been issued by the Fund.
The IMF as well as Pakistan's Ministries of Finance and Power did not immediately respond to requests for comment. Reining in unresolved debt within Pakistan's power sector remains a key concern for the IMF.
The poor and middle classes in Pakistan are still grappling with the effects of a $3 billion IMF bailout completed in April, which included 12 months of power tariff hikes.
These higher tariffs have led to a decline in household power consumption, with annual power use expected to fall for the first time in 16 years.
In August, Finance Minister Muhammad Aurangzeb informed Reuters that Pakistan was making significant progress with the IMF to obtain Board approval in September.
The central bank chief stated that Pakistan is close to securing $2 billion in external financing, a requirement for IMF approval.
Moody's recently upgraded Pakistan's rating to Caa2, citing improved certainty on external financing following the IMF staff-level agreement. Moody's anticipates IMF Board approval in the coming weeks.
Attribution: Reuters
Subediting: Y.Yasser


Clic here to read the story from its source.