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IMF, Pakistan make ‘significant progress’ on a new loan programme

An IMF team, led by mission chief Nathan Porter, concluded discussions with the authorities on Thursday

The International Monetary Fund (IMF) and Pakistan have made a ‘significant progress’ on a new loan programme.

IMF in a statement issued onThursday said that “significant progress” was achieved during talks with Pakistan towards reaching a staff-level agreement for an extended fund facility.

As reported, the global lender has opened discussions with Pakistan on a new loan programme after Islamabad last month completed a short-term $3 billion programme, which helped stave off a sovereign debt default.

An IMF team, led by mission chief Nathan Porter, concluded discussions with the authorities on Thursday after arriving in Pakistan on May 13.

“The mission and the authorities will continue policy discussions virtually over the coming days aiming to finalise discussions, including the financial support needed to underpin the authorities’ reform efforts from the IMF and Pakistan’s bilateral and multilateral partners,” Porter said in a statement.

“The authorities’ reform program aims to move Pakistan from economic stabilisation to strong, inclusive, and resilient growth,” the statement added.

Under the new programme, Pakistan is likely to seek at least $6 billion and request additional financing from the IMF under the Resilience and Sustainability Trust.

 

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