By Ariba Shahid
KARACHI (Multibagger) - Pakistan's Finance Minister Muhammad Aurangzeb announced on Wednesday that Pakistan is on track to receive approval from the International Monetary Fund (IMF) for a new $7 billion loan program in September.
In July, Pakistan and the IMF reached an agreement for a 37-month Extended Fund Facility program. The approval is pending from the IMF's Executive Board and confirmation of financing assurances from Pakistan's partners.
Aurangzeb stated, "We are making good progress with IMF for Board approval in September," in a text message to Multibagger.
Historically, Pakistan has received financial support from Saudi Arabia, the United Arab Emirates, and China, along with IMF financing, to meet its external financing requirements.
The IMF has not responded to requests for comments on Pakistan's external financing needs and the upcoming executive board meeting regarding the loan program.
Analysis:
The article discusses Pakistan's ongoing negotiations with the IMF for a new $7 billion loan program, set for approval in September. This loan program is crucial for Pakistan's external financing needs and economic stability. The support from IMF, along with contributions from key allies, plays a significant role in Pakistan's financial well-being. Investors should monitor these developments closely as they can impact Pakistan's economic outlook and investment opportunities.