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IMF to soon provide $1.18 bn loan to Pakistan: sources

ISLAMABAD: The International Monetary Fund (IMF) will provide 1.1 billion dollar tranche of loan to Pakistan, Bol News quoted sources as saying.

The Ministry of Finance sources said the finance secretary had signed the IMF’s letter of intent, which would be returned to the IMF. The IMF had sent the letter to Pakistan on August 12.

The sources said after receiving the letter of intent, the IMF Executive Board would decide about the meeting. They said the IMF Executive Board meeting might take place on August 24.

On August 5, Chief of Army Staff (COAS) General Qamar Javed Bajwa had called the officials from the United Arab Emirates (UAE) and Saudi Arabia to discuss the International Monetary Fund (IMF) loan scheme, BOL News had reported.

Earlier, Gen Bajwa had telephoned US Deputy Secretary of State Wendy Sherman in a highly unusual move. According to sources in Pakistan and United States, Bajwa had appealed to the White House and Treasury Department to push the IMF to immediately supply nearly $1.2 billion that Pakistan is due to receive under a loan program.

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Earlier, on July 20, Bloomberg had reported that the IMF wanted to ensure that Saudi Arabia would provide up to $4 billion in finance to Pakistan to ensure that Islamabad did not face a liquidity vacuum following the IMF loan. Gen Bajwa had appealed to the White House and Treasury Department to push the IMF to immediately supply the loan.

On July 30, Federal Minister for Planning, Development and Special Initiative Ahsan Iqbal had said the Pakistani rupee’s depreciation was speculative and as soon the government would secure the International Monetary Fund (IMF) deal, the value of the currency would become stable.

Addressing a press conference here, Ahsan Iqbal had said that because of the ongoing war in Ukraine, petroleum supply had suffered and resultantly, inflation had increased across the world. He had said the current inflation in the country was result of the past Pakistan Tehreek e Insaf (PTI) government’s policies and its deal with the IMF.

He had said that the Pakistan Muslim League-N (PML-N) had completed various mega projects, whereas the PTI had nothing to tell the people about its performance.

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